SB 632 – Restricts credit card companies from raising interest or fees

• Sponsor: Dougherty
• LR Number: 3364S.01I
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 1/9/2006 - Second Read and Referred S Financial & Governmental Organizations and Elections Committee
• Journal Page: S58
• Effective Date: August 28, 2006

Current Bill Summary

SB 632 - Credit card issuers shall not increase interest or impose a fee upon a balance by a card holder who has made timely payments in the minimum amount. This act also prevents an issuer from increasing interest or imposing fees based on the holder's failure to make timely payments to another creditor. A creditor in violation of this act will be guilty of a Class A misdemeanor for each violation.

This act is identical to SB 505 (2005).

CHRIS HOGERTY