April 23, 2009

MOTION: Introduction of a Credit Card Accountability Responsibility and Disclosure Act


That, in the opinion of the House, the government should take action to protect consumers who are particularly vulnerable in tough economic times.

Therefore, this House calls on the government to introduce, within 6 months, comprehensive legislation, similar to the Credit Card Accountability Responsibility and Disclosure Act of 2009 introduced by the Obama Administration in the United States, that would:

a)    Protect consumers from “any time, any reason” interest rate increases and account changes;

b)    Prohibit unfair application of card payments;

c)    Protect cardholders who pay on time;

d)    Limit abusive fees and penalties;

e)    Prohibit issuers from using a consumer’s card history with another creditor to raise interest rates (“universal default” ban);

f)    Prohibit issuers from charging interest on debt that has already been repaid;

g)    Ensure that cardholders are informed of the terms of their account; and

h)    Protect young consumers from aggressive credit card solicitations.

SUMMARY

This motion calls for immediate government action to protect consumers―already hard hit by this recession― from skyrocketing credit card interest rates and fees, unfair practices and penalties and gouging. The motion proposes the introduction of legislation similar to the Obama Administration’s Credit Card Accountability Responsibility and Disclosure Act of 2009. This legislation was hailed in the US as pro-active and strong.

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