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U.S. Rep. Carolyn Maloney (D-N.Y.) and Sen. Charles Schumer (D-N.Y.) today reintroduced the Credit Cardholders' Bill of Rights. The legislation includes the same general provisions contained in a bill the U.S. House of Representatives passed in September that later died in the Senate, according to a summary Maloney's office released.
Those provisions include limits on changes to card interest rates before cardholder contracts expire, the requirement that issuers mail billing statements at least 25 calendar days before payment due dates, and a prohibition on knowingly issuing credit cards to individuals younger than 18 who are not emancipated minors. If passed, the legislation would take effect 90 days after being signed by the president.
