Amendment111th Congress
Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.
- Amendment Number
- 93
- Description
- Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.
- Purpose
- An amendment numbered 4 printed in House Report 111-92 to require credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.
- Congress
- 111
- Type
- HAMDT
- Latest Action Date
- Apr 30, 2009
- Latest Action Text
- On agreeing to the Gutierrez amendment (A004) Agreed to by voice vote.
- Latest Action Time
- 12:23:47
- Submitted Date
- Apr 30, 2009
- Chamber
- House of Representatives
- Update Date
- Jul 11, 2021