Amendment requires credit card issuers to provide enhanced disclosure to consumers regarding minimum payments, including a written Minimum Payment Warning statement on all monthly statements as well as information regarding the monthly payment amount and total cost that would be required for the consumer to eliminate the outstanding balance in 12, 24 and 36 months; and requires credit card issuers to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.

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Amendment Number
101
Description
Amendment requires credit card issuers to provide enhanced disclosure to consumers regarding minimum payments, including a written Minimum Payment Warning statement on all monthly statements as well as information regarding the monthly payment amount and total cost that would be required for the consumer to eliminate the outstanding balance in 12, 24 and 36 months; and requires credit card issuers to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.
Purpose
An amendment numbered 12 printed in House Report 111-92 to require credit card issuers to provide enhanced disclosure to consumers regarding minimum payments, including a written Minimum Payment Warning statement on all monthly statements as well as information regarding the monthly payment amount and total cost that would be required for the consumer to eliminate the outstanding balance in 12, 24 and 36. Would require credit card issuers to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.
Congress
111
Type
HAMDT
Latest Action Date
Apr 30, 2009
Latest Action Text
On agreeing to the Price (NC) amendment (A012) Agreed to by voice vote.
Latest Action Time
13:22:46
Submitted Date
Apr 30, 2009
Chamber
House of Representatives
Update Date
Dec 5, 2020
Amendment 101 — Informed