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Congressional Research Service
Version 00 · Introduced in House · Apr 22, 1993
Credit and Charge Card Disclosure and Interest Rate Amendments Act of 1993 - Amends the Truth in Lending Act of 1989 to expand the disclosure requirements for credit card accounts including: (1) the total amounts paid; (2) the total finance charges paid, and (3) the date by which the debtor will complete paying the current outstanding balance. Requires the Board of Governors of the Federal Reserve System to establish and publicize a toll-free telephone line for consumers to call for free information on low-rate credit cards. Requires due notice to the cardholder before any increase in the annual percentage rate or any change in credit card terms may take effect. Permits the cardholder to subsequently: (1) rescind the use of the account upon receipt of such notice; and (2) repay the outstanding balance pursuant to the rate and terms in effect on the date that the cardholder received notification of the change in terms. Prohibits: (1) the imposition of finance charges upon certain credit card accounts before the date that the extension of credit is posted to that account; and (2) the disclosure of certain cardholder information for direct marketing purposes unless the issuer has notified the cardholder. Requires the Comptroller General to study and report to the Congress on the degree of competition in the credit card market. Mandates an annual statement to the cardholder disclosing the total amount of fees and finance charges paid in the preceding year. Requires a card issuer to provide, upon request, a copy of the agreement establishing the terms of the credit card account.
People & committees
Rep. Schumer, Charles E. [D-NY-9] · D–NY
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Subcommittee Hearings Held.
Referred to the Subcommittee on Consumer Credit and Insurance.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Sponsor introductory remarks on measure. (CR E1006)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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