Fair Credit Practices Act - Amends the Truth in Lending Act to prohibit any change in an open end credit plan which would affect credit extended before the change by: (1) increasing the annual percentage rate, the finance charge, the minimum periodic payment, or any other charge, penalty, or fee; (2) imposing any new charge, penalty, or fee; (3) reducing any grace period free from finance charge assessments; or (4) decreasing the period between payments or the maximum maturity of any extension of credit. Requires written notice of any change 60 days prior to its effective date.
Prohibits the Board of Governors of the Federal Reserve System from issuing regulations affecting the amendments made by this Act.
Prohibits the issuance of credit cards without a request or application for such card after a card issuer transfers or otherwise assigns an open end credit plan.
Gives this Act retroactive effect to April 15, 1980. Imposes no criminal liability for violations of this Act until its enactment.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line