Feb 19, 2008 6:26 am US/Mountain
Udall Proposes Credit Card Holders' Bill Of Rights
DENVER (CBS4) ―
A congressman from Colorado who is also running for the Senate this fall wants to pass legislation that would protect credit card consumers. Rep. Mark Udall, D-Boulder, said the plan would be like a credit card holders' bill of rights.
The proposed law would require advanced notice of any increase in a card's interest rate. It would also put a freeze on rate terms and fees on canceled cards.
The bill would prohibit penalties for on-time payments, fees for not using the card, over the limit fees for approved transactions, and credit card companies would not be able to use information that's unrelated to an account to raise interest rates.
"All of us in our busy lives, without hours and hours to spend on paying our bills and studying the fine print, we need to know that the credit card companies are playing in a fair fashion," Udall said.
Udall said the bill he proposes had bipartisan support.
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