A Look At The Credit Card Overhaul Bill

The Associated Press

A look at legislation expected to be sent to the president by week's end, as well as pending Federal Reserve regulations.

SENATE BILL

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

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

-- Bans double-cycle billing, which eliminates the interest-free period for consumers who move from paying the full balance monthly to carrying a balance.

-- Prohibits retroactive rate increases unless the cardholder is at least 60 days behind in paying the bill. If a person does fall behind and the rate on past buys is increased, lenders must restore the lower rate after six months if the cardholder has paid monthly bills on time.

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