House passes Credit Cardholders Bill of Rights

The House today voted 357-70 to pass H.R. 627, the Credit Cardholders’ Bill of Rights, which will require credit-card companies to give 45 days notice of all interest rate increases and significant fee changes; prevent credit-card companies from unfairly increasing interest rates on existing balances; end unfair “double cycle” billing practices; require card companies to mail billing statements 21 days before the due date; and prohibit companies from charging a fee when customers pay their bills.

From Rep. Jerry McNerney, D-Pleasanton:

“I’ve heard from many people that have had their credit card interest rate sky-rocket without due notice or explanation. At a time when Americans are struggling to make ends meet, they shouldn’t have the additional worry of a sudden hike in their interest rate or unexpected fees without notice. This bill will help protect Americans from these unfair practices.”

More from the Bay Area delegation, after the jump…
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