WKYT | Lexington, Kentucky | News

Credit Card Legislation Nearer Success

WASHINGTON (AP) - Legislation to rein in credit card practices
and eliminate sudden rate hikes and late fees is closer to becoming
law.
The House bill, which comes to a vote today, would prohibit
so-called double-cycle billing and retroactive rate hikes and ban
the issuance of credit cards to people under 18. If approved, it
would take effect a year later.
Another requirement in the bill, that customers receive 45 days
notice before their interest rates are increased, would go into
effect in 90 days.
Double-cycle billing eliminates the interest-free period for
consumers who move from paying the full balance monthly to carrying
a balance.
The House measure, dubbed the "Credit Card Holders' Bill of
Rights," is expected to get bipartisan support and swift passage.
Prospects for a similar measure in the Senate also appear
promising.


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