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 in Massachusetts. 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 are charged. The bill also mandates that these fees be presented in a standardized format, making them easier for consumers to understand. 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 standardized format.
- The bill covers annual fees, late payment fees, and over-the-limit fees.
- Requires clear disclosure of fees before charges are applied.
- Focuses on improving consumer understanding of credit card costs.
Who is affected
- Consumers
- Credit card companies
- Financial institutions
Notable changes
- Standardized fee disclosure format.
- Increased transparency regarding credit card costs.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Cosponsors
Arguments
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