Credit Card Bill of Rights Passes in the House

The "Credit Card Bill of Rights", which is expected to go into effect in 2010, was approved by the House committee today.

Sponsored by Rep. Carolyn Maloney (D-N.Y.) and steered through Congress by Rep. Luis Gutierrez (D-Ill.), Chairman of the Financial Services' Subcommittee on Financial Institutions and Consumer Credit., the legislation will ban retroactive interest rate hikes on existing balances, double-cycle billing, and impose restrictions on late fees.

Other key components of the Bill of Rights include a ban on issuing credit cards to minors under age 18, preventing credit card companies from imposing fees when customers pay their bill, and allowing customers set a lower credit card limit.

Read more at the Chicago Sun-Times.