I
106TH CONGRESS
1ST SESSION
H. R. 3142
To amend the Consumer Credit Protection Act to prevent credit card issuers
from taking unfair advantage of full-time, traditional-aged, college stu-
dents, to protect parents of traditional college student credit card holders,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 25, 1999
Ms. SLAUGHTER (for herself, Mr. DUNCAN, Mr. SMITH of New Jersey, Mr.
LIPINSKI, Ms. KAPTUR, Mr. GREEN of Texas, Mr. THOMPSON of Mis-
sissippi, Mr. SANFORD, Mr. UNDERWOOD, Mr. OWENS, Mr. HALL of
Ohio, Mr. LUTHER, and Mr. MCGOVERN) introduced the following bill;
which was referred to the Committee on Banking and Financial Services
A BILL
To amend the Consumer Credit Protection Act to prevent
credit card issuers from taking unfair advantage of full-
time, traditional-aged, college students, to protect par-
ents of traditional college student credit card holders,
and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘College Student Credit
Card Protection Act’’.
1965 at an institution of higher education;
and
‘‘(ii) whose age falls within the age co-
hort defined by such institution of higher
education as the age cohort of traditional-
aged students.
‘‘(C) 
INSTITUTION
OF
HIGHER
EDU-
CATION.—The term ‘institution of higher edu-
cation’ has the meaning given to such term in
section 101(a) of the Higher Education Act of
1965.
‘‘(2) MAXIMUM AMOUNT LIMITATION.—Unless
a parent or guardian of a full-time, traditional-aged,
college student assumes joint liability for debts in-
curred by the student in connection with a tradi-
tional college student credit card account, the total
amount of credit extended under a traditional college
student credit card account to such student may not
exceed the greater of—
‘‘(A) 20 percent of the annual gross in-
come of the student in the most recently com-
pleted calendar year; or
‘‘(B) the product of $500 and the number
of full years which have elapsed since the tradi-
tional college student credit card account was
opened, not to exceed $2,000.
‘‘(3) PARENTAL APPROVAL REQUIRED TO IN-
CREASE CREDIT LINES FOR ACCOUNTS FOR WHICH
PARENT IS JOINTLY LIABLE.—No increase may be
made in the amount of credit authorized to be ex-
tended under a traditional college student credit
card account for which a parent or guardian of the
consumer has assumed joint liability for debts in-
curred by the consumer in connection with the ac-
count before the consumer attains the upper limit of
the age cohort described in paragraph (1)(B)(ii)
with respect to such consumer, unless the parent or
guardian of the consumer approves, in writing, and
assumes joint liability for, such increase.
‘‘(4) PROHIBITION ON MORE THAN 1 CREDIT
CARD ACCOUNT FOR ANY FULL-TIME COLLEGE STU-
DENT WITHOUT INDEPENDENT INCOME.—No cred-
itor may open a credit card account for, or issue any
credit card to, any full-time, traditional-aged, college
student who—
‘‘(A) has no annual gross income; and
‘‘(B) already maintains a credit card ac-
count under an open end consumer credit plan.
SEC. 3. CREDIT CARD APPLICATIONS AND SOLICITATIONS.
Section 127(c) of the Truth in Lending Act (15
U.S.C. 1637(c)) is amended—
(1) by redesignating paragraph (5) as para-
graph (7); and
(2) by inserting after paragraph (4) the fol-
lowing new paragraphs:
‘‘(5) FORMAT.—The disclosures required under
this subsection in any application, solicitation, or
other document or paper (other than the information
to which section 122(c) applies) shall be included in
such solicitation, application, or other document or
paper in a typeface that is at least as large as the
largest typeface otherwise used in such solicitation,
application, or other document or paper.
Æ