Bill Summary
Major Provisions of the Credit Cardholders' Bill of Rights Act
The following are the major provisions of H.R. 627, the Credit Cardholders’ Bill of Rights Act, as passed by the House of Representatives on April 30, 2009. Ends Unfair, Arbitrary Interest Rate Increases. Prevents credit card companies from unfairly increasing interest rates on existing card balances. Retroactive increases are permitted only if a cardholder is more than 30 days late, if a promotional rate expires, if the rate adjusts as part of a variable rate, or if the cardholder fails to comply with a workout agreement. Requires card companies to give 45 days notice of all interest rate increases or…
