HB 250 (BR 1152) - T. Edmonds
AN ACT relating to credit cards.
Create a new section of KRS Chapter 367 to require a credit card issuer to disclose to the applicant the card's interest rate and all charges and fees and to obtain a signature from the applicant; declare it is a "billing error" if the required disclosures are not made; permit the cardholder to mail an inquiry to the credit card issuer if the billing statement requires a billing error; prohibit the card issuer from threatening to report the cardholder adversely on any credit report after the cardholder sends an inquiry; deem a violation of this section to be an unfair, false, misleading, or deceptive act or practice in violation of KRS 367.170; provide that if any inconsistency exists between this section and federal laws, the federal law controls; provide that this section applies to credit cards issued or renewed on or after January 1, 2008.
Feb 6-introduced in House
Feb 7-to Banking and Insurance (H)
Feb 12-posted in committee