The State - News from June 3, 1986

Watered-down legislation to require banks to tell customers in advance what they will be charged in interest and fees before they receive credit cards was approved by the Assembly. A 49-9 vote sent the bill by Assemblyman Rusty Areias (D-Los Banos) to the Senate. Areias’ original bill also would have tied interest rates to an index that would rise and fall with money market rates and would have placed a ceiling on fees. Those provisions were opposed by the banking lobby, causing Areias to abandon them.