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<PRE>[DOCID: f:h296ih.txt]






107th CONGRESS
  1st Session
                                H. R. 296

  To amend the Truth in Lending Act to require credit card issuers to 
  mail monthly statements at least 30 days before the due date of the 
                 next payment, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 30, 2001

 Mr. Pascrell (for himself, Mr. Baldacci, Mr. LaTourette, Mr. Hinchey, 
Mr. Faleomavaega, Ms. Millender-McDonald, Mrs. Jones of Ohio, Mrs. Meek 
  of Florida, Mr. Hinojosa, Ms. Rivers, Mr. Doyle, Mr. McGovern, Mr. 
 Olver, Mr. Stark, Ms. Roybal-Allard, Mr. Kucinich, Mr. Rush, and Mr. 
   Holden) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to require credit card issuers to 
  mail monthly statements at least 30 days before the due date of the 
                 next payment, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Card Consumer Protection Act 
of 2001''.

SEC. 2. LATE MAILING OF CREDIT CARD ACCOUNT STATEMENTS PROHIBITED.

    (a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following new subsection:
    ``(h) Requirements Relating to Distributions of Periodic 
Statements.--
            ``(1) In general.--In the case of a credit card account 
        under an open-end consumer credit plan, any statement required 
        under subsection (b) which is mailed to the consumer--
                    ``(A) shall be posted not less than 30 days before 
                the date by which, or the end of the period (if any) 
                within which, the next payment on the account is due; 
                and
                    ``(B) if a late fee may be imposed in the case of 
                the consumer's failure to make a periodic payment on an 
                outstanding balance by the due date, shall contain the 
                following statement in a prominent typeface at a 
                prominent location on the upper half of the 1st page of 
                the statement: `If payment is not received by [insert 
                date], a late fee of $[insert dollar amount] will be 
                charged to your account.'.
            ``(2) Records of mailing dates.--Each credit card issuer to 
        which paragraph (1) applies shall--
                    ``(A) maintain a record of the date on which each 
                statement is mailed to a consumer; and
                    ``(B) make such record available to the consumer 
                upon the request of the consumer.
            ``(3) Records of receipt of payments.--Each credit card 
        issuer to which paragraph (1) applies shall--
                    ``(A) maintain a record of the date and time when 
                the issuer receives any payment from a consumer; and
                    ``(B) make such record available to the consumer 
                upon the request of the consumer.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to credit card account statements mailed after the 
end of the 90-day period beginning on the date of the enactment of this 
Act.
                                 &lt;all&gt;

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