PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Feb 6, 2009
Credit Card Reform Act of 2009 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list.
Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled contract expiration or renewal date; and (2) until the issuer has published all contract changes in any mandatory disclosures.
Establishes a cardholder right to repay all existing balances on a terminated or expired credit card account under the terms of the account in effect before the termination or expiration.
Showing the opening paragraphs of the official summary.
Imposes limits upon increases of interest rates and finance charges on a credit card account before its scheduled renewal date.
Permits an increase in the annual percentage rate (APR) as a penalty only for specific, material contract violations of a consumer directly related to the account that are specified in the contract as grounds for an increase.
Bans retroactive rate increases.
Prohibits a credit card issuer from imposing adverse consequences for late payment if the cardholder's payment is postmarked or initiated by electronic funds transfer on or before the required postmark date.
Requires a credit card issuer to verify, when the account is opened or the credit limit increased, that the consumer will be able to make the scheduled payments, based on a consideration of current and expected income, current obligations, and employment status.
Amends the Fair Credit Reporting Act to redefine "firm offer of credit or insurance" to require the offer to specify all material terms, including APR, fees, and the applicable amount of credit or credit limit.
People & committees
Sen. Menendez, Robert [D-NJ] · D–NJ
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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