An Act relative to transparency in credit card fees
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to increase transparency regarding credit card fees. It requires credit card companies to clearly disclose all fees, including annual fees, late payment fees, and over-the-limit fees, to consumers before they agree to a cardholder agreement. The bill also mandates that these fees be presented in a way that is easily understandable and avoids hidden charges. Ultimately, the goal is to empower consumers with more information about the costs associated with using credit cards.
Key provisions
- Credit card companies must disclose all fees upfront.
- Fees must be presented in a clear and understandable manner.
- The bill seeks to eliminate hidden or obscured fees.
- Requires disclosure of annual fees, late payment fees, and over-the-limit fees.
- The legislation focuses on improving consumer awareness of credit card costs.
Who is affected
- Consumers
- Credit Card Companies
- Financial Institutions
Notable changes
- Requires explicit disclosure of all credit card fees.
- Addresses potential issues of consumer confusion regarding fee structures.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Cosponsors
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