What is Credit Card Act of 2009?

The Credit Card Act of 2009 is a federal law that protects consumers from certain kinds of unfair and deceptive credit card practices. The law, which was passed in May of 2009, established a new set of rules for the credit card industry. It requires that credit card issuers provide clear and simple disclosures of their terms and fees to consumers, it restricts arbitrary interest rate increases, it limits fees that consumers may be charged for certain activities, and it promotes responsible use of credit cards by consumers. In addition, the Credit Card Act of 2009 also affords additional protections to individuals under the age of 21. The law requires that these individuals have a cosigner or have the ability to show proof of independent income in order to open a credit account. Furthermore, this law requires that credit card issuers provide additional information, such as the impact that high fees and interest rates could have on total debt, in order to help younger consumers make informed financial decisions. The impact of the Credit Card Act of 2009 has been considerable. Credit card issuers are no longer allowed to change interest rates or fees without proper notice and must comply with the new rules and regulations. Consumers in Georgia are now protected from certain deceptive practices and are provided with the information necessary to make informed financial decisions.

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What is Credit Card Act of 2009?

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