Senate OKs Bill on Credit Card Data Disclosure
The Senate gave voice-vote approval early today to legislation requiring banks, retail stores and other issuers of credit cards to disclose interest rates and other information to potential customers.
The House approved a slightly different version Oct. 28, and the two measures will go to a conference committee to craft a final bill.
The legislation requires financial institutions and retail establishments to give consumers the following information in soliciting credit and charge card business: the card’s annual percentage rate of interest, any annual fee for cardholders, the existence of a grace period for payment without interest and the method used for calculating card balances for interest purposes.
Under the bill, the information would be disclosed on application forms and in telephone and written solicitations for such cards.
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