House Passes Bill Imposing Tighter Rules on Credit Cards, Loosens Restrictions on Concealed Weapons

Overlimit Fees Banks would be prohibited from charging an overlimit fee unless the consumer has expressly elected to permit the issuer to complete overlimit transactions on the account.

Earlier Statements Statements would need to be mailed 21 days before the bill is due. The current requirement is 14 days.

Payment Fees Issuers would be prohibited from charging a fee to pay a credit card debt, whether by mail, telephone, electronic transfer or otherwise, except for expedited service by a live service representative.

Minimum Payment ClarityCustomers would get detailed information about the total interest and amount of time it would take to pay off their balance if they only make the minimum monthly payments.

Gift Cards Also Regulated Under Credit Card Reform

Limited Cards for Those Under 21 Anybody under the age of 21 trying to get a credit card would either need the approval of a parent of guardian or proof of an independent source of income. If a parent is jointly liable for the account, credit limits can't be increased without the parent's written approval.

Gift Card Changes While not quite credit cards, gift cards are also under new regulations as a result of Congress' action. The cards would not expire and have their value wiped out less than five years after purchases. Some related fees and charges would also be eliminated.

ABC News' Z. Byron Wolf and Jonathan Karl contributed to this report.

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