107th CONGRESS
1st Session

Credit Card Consumer Protection Act
H. R. 296

To amend the Truth in Lending Act to require credit card issuers to mail monthly statements
at least 30 days before the due date of the next payment, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES
January 30, 2001

Mr. PASCRELL (for himself, Mr. BALDACCI, Mr. LATOURETTE, Mr. HINCHEY,
Mr. FALEOMAVAEGA, Ms. MILLENDER-MCDONALD, Mrs. JONES of Ohio,
Mrs. MEEK of Florida, Mr. HINOJOSA, Ms. RIVERS, Mr. DOYLE, Mr. MCGOVERN,
Mr. OLVER, Mr. STARK, Ms. ROYBAL-ALLARD, Mr. KUCINICH, Mr. RUSH, and
Mr. HOLDEN) introduced the following bill; which was referred to the Committee on Financial Services

To amend the Truth in Lending Act to require credit card issuers to mail monthly statements at least 30 days before the due date of the next payment, 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 Consumer Protection Act of 2001'.

SEC. 2. LATE MAILING OF CREDIT CARD ACCOUNT STATEMENTS PROHIBITED.

(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:

`(h) REQUIREMENTS RELATING TO DISTRIBUTIONS OF PERIODIC STATEMENTS-

`(1) IN GENERAL- In the case of a credit card account under an open-end consumer credit plan, any statement required under subsection (b) which is mailed to the consumer--

`(A) shall be posted not less than 30 days before the date by which, or the end of the period (if any) within which, the next payment on the account is due; and

`(B) if a late fee may be imposed in the case of the consumer's failure to make a periodic payment on an outstanding balance by the due date, shall contain the following statement in a prominent typeface at a prominent location on the upper half of the 1st page of the statement: `If payment is not received by [insert date], a late fee of $[insert dollar amount] will be charged to your account.'.

`(2) RECORDS OF MAILING DATES- Each credit card issuer to which paragraph (1) applies shall--

`(A) maintain a record of the date on which each statement is mailed to a consumer; and

`(B) make such record available to the consumer upon the request of the consumer.

`(3) RECORDS OF RECEIPT OF PAYMENTS- Each credit card issuer to which paragraph (1) applies shall--

`(A) maintain a record of the date and time when the issuer receives any payment from a consumer; and

`(B) make such record available to the consumer upon the request of the consumer.'.

(b) EFFECTIVE DATE- The amendment made by subsection (a) shall apply with respect to credit card account statements mailed after the end of the 90-day period beginning on the date of the enactment of this Act.

END