110th CONGRESS
1st Session

H. R. 873

To amend the Truth in Lending Act to prohibit fees by creditors for payments on credit card accounts by electronic fund transfers, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

February 7, 2007

Mr. ACKERMAN (for himself and Mrs. MALONEY of New York) introduced the following bill; which was referred to the Committee on Financial Services

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A BILL

To amend the Truth in Lending Act to prohibit fees by creditors for payments on credit card accounts by electronic fund transfers, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Credit Card Payment Fee Act of 2007'.

SEC. 2. PROHIBIT FEES FOR PAYMENT ON CREDIT CARD ACCOUNTS BY ELECTRONIC FUND TRANSFERS.

(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following new subsection:

`(i) Payments by EFT- In the case of a credit card account under an open end consumer credit plan, a creditor may not impose a fee based on the manner in which payment on the account is made, including a fee for making any such payment by electronic fund transfer (as defined in section 903).'.

(b) Effective Date- The amendment made by subsection (a) shall apply to all payments made after the date of the enactment of this Act and any fee imposed after such date in contravention of the amendment shall be promptly credited to the consumer's account.

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