H.R. 5060 · 108th Congress
College Student Credit Card Protection Act
- Stage
- In committee
- Sponsor
- Louise Slaughter
- Introduced
- 2004-09-09
- Latest action
- 2004-10-07 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
College Student Credit Card Protection Act - Amends the Truth in Lending Act to limit by a specified formula the total credit extended under a credit card account to a full time, traditional-aged college student (unless the student's parent or guardian assumes joint liability).
Prohibits increasing the credit limit on an account for which a parent or guardian has assumed joint liability without the parent's or guardian's approval.
Prohibits a creditor from opening a credit card account for any such college student who: (1) has no annual gross income; and (2) already has a credit card account under an open end consumer credit plan.