2006 House Bill 40 (Mandate clear interest rate information on credit card offers)

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• Introduced by Rep. Ted Edmonds on January 3, 2006, to require the retail card's interest rate and all fees to be included in any promotional material in the store and be displayed as clearly and prominently as the display of the initial discount and annual fee.
  • Referred to the House Banking and Insurance Committee on January 3, 2006.
  • Reported in the House on January 11, 2006, favorably, 1st reading, to Calendar .
  • Amendment offered by Rep. Frank Rasche on January 13, 2006, to make the disclosure also apply to the application. The amendment would delete language on prominence of display of fees.
  • Amendment offered by Rep. Carolyn Belcher on January 24, 2006, to delete the definition of "retail credit card" and require any person, rather than just a retail store, that offers an initial discount to purchasers who sign up for a credit card to disclose to the applicant the card's interest rate and all fees and require a signature from the applicant. The amendment would delete inclusion of rates and fees in promotional materials and delete requirement that rates and fees be as prominently displayed in the retail store as the display of the amount of the retailer's initial discount. The amendment would delete subsection (3) that prohibits a card issuer from collecting a disputed amount and that prohibits the card issuer from reporting the cardholder as delinquent to a credit reporting agency while the amount is disputed.
  • Withdrawn in the House on February 6, 2006.

Comments

Introduced by Rep. Ted Edmonds on January 3, 2006. New Comment