Details of credit card legislation passed by Congress

A look at legislation with sweeping new rules for the credit card industry that Congress sent to the president on Wednesday, as well as pending Federal Reserve regulations.


Takes effect nine months after enactment, except for requirement of notice before interest rates are increased, which goes into effect in 90 days.


-- Requires lenders to post their credit card agreements on the Internet.

-- Requires that customers receive 45 days notice before rates are increased.

-- Requires anyone under 21 to prove that they can repay the money before being given a card, or have a parent or guardian promise to pay off their debt if they default.

-- Prohibits over-the-limit fees unless a cardholder elects to be allowed to go over a limit.


-- Requires that gift cards remain valid for five years.

-- Bans "pay-to-pay" fees, which are charged when someone pays the bill by phone or on the Internet.

-- Includes unrelated provision that would allow people to carry loaded guns in national parks and wildlife refuges.


Take effect in July 2010.


-- Require banks to give customers 45 days notice before raising interest rates on new purchases, even if the customer is late or delinquent in paying the account.

-- Prohibit, in most cases, retroactive rate increases. Does not include a provision that would require lenders to reduce the rate after six months if the person pays on time.

-- Prohibit double-cycle billing.

-- Limit excessive fees charged on subprime credit cards, which are marketed to people with bad credit.