H.AMDT.97 to H.R.627

Amendment requires credit cardholders to opt in to receive over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. The amendment also allows for transactions that go over the limit to be completed for operational reasons as long as they are of a small amount. Lastly, the credit card company is not allowed to charge a fee.

AMENDMENT DESCRIPTION:
Amendment requires credit cardholders to opt in to receive over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. The amendment also allows for transactions that go over the limit to be completed for operational reasons as long as they are of a small amount. Lastly, the credit card company is not allowed to charge a fee.

AMENDMENT PURPOSE:
An amendment numbered 8 printed in House Report 111-92 to require credit cardholders to opt-into receiving over-the-limit protection on their credit card in order for a credit card company to charge an over-the-limit fee. Allows for transactions that go over the limit to be completed for operational reasons as long as they are of a de minimis amount, but the credit card company is not allowed to charge a fee.

STATUS:

4/30/2009 12:42pm:

Amendment (A008) offered by Mrs. Maloney. (consideration: CR H5025-5026, H5038-5039; text: CR H5025)

4/30/2009 2:48pm:

On agreeing to the Maloney amendment (A008) Agreed to by recorded vote: 284 - 149 (Roll no. 226).

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