Credit cards: oral disclosures.
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AB 1300 — Credit cards: oral disclosures.
Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2013-2014 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Existing state and federal laws regulate the provision of credit and the use of credit cards. Existing federal law requires a card issuer to disclose, in either electronic form or in a prominent location on the application or solicitation, certain information, including, but not limited to, the annual percentage rate, penalty rates, cash advance fees, late payment fees, and over-the-limit fees, to the extent applicable, on or with an application or solicitation that is initiated by the card issuer and provided to the consumer in person. Existing federal law imposes special rules applicable to credit cards offered to college students. Existing state law requires a card issuer of a secured credit card, as defined, in every advertisement or solicitation to prospective cardholders, to expressly identify the credit instrument offered as a secured credit card and disclose that credit extended under the secured credit card is secured. Existing state law also requires an application form or preapproved written solicitation for an open-end credit card account to be used for certain purposes that is mailed to a consumer in this state to contain specified disclosures, including, among other things, any periodic rate or rates that may be applied to the account, any membership or participation fee that may be imposed for availability of a credit card account, and any per transaction fee that may be imposed on purchases, as specified. This bill would require that prior to the issuance of a credit card on the campus of an institution of higher education to a cardholder who is 18 years of age or older the cardholder be provided with an oral disclosure, by the credit card issuer soliciting on the campus of an institution of higher education, containing certain information, including, but not limited to, the annual percentage rate, penalty rates, cash advance fee, late payment fee, and over-the-limit fee, in a specified manner. The bill would also require the card issuer to orally (1) provide a cardholder with an example of how long it would take a cardholder to pay off the average credit card debt if the cardholder only makes minimum payments, (2) explain how the credit card interest rates are compounded, and (3) explain the adverse effect of a late credit card payment, as specified. The bill would require a cardholder to initial and sign a written document to be provided by the card issuer indicating receipt of the oral disclosures, example, and explanations, as specified. The bill would require the credit card issuer to provide the oral disclosures, example, and explanation and the written document to a non-English speaking cardholder in the cardholder's native language. The bill would specify that these provisions are not applicable to credit card applications submitted online.
Bill Text
- Amended 05/06/13 - Amended Assembly Current pdf May 06, 2013
- Introduced 02/22/13 - Introduced pdf February 22, 2013
- AB1300 View text html
Action History
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From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
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Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
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Re-referred to Com. on B. & F.
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From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
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In committee: Set second hearing. Failed passage. Reconsideration granted.
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In committee: Set, first hearing. Hearing canceled at the request of author.
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Referred to Coms. on B. & F. and JUD.
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Read first time.
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From printer. May be heard in committee March 26.
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Introduced. To print.
Sponsors
- Roger Hernández · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (121)
121 members have not signed on to this bill.
Show all 121 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 0 | 8 | 0 | 3 |
| Democratic | 0 | 0 | 0 | 1 |
| Total | 0 | 8 | 0 | 4 |
| % of votes cast | 0% | 67% | 0% | 33% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Achadjian | — | Nay |
| Blumenfield | — | Not Voting |
| Linder | — | Nay |
| Mansoor | — | Not Voting |
| Morrell | — | Nay |
| Torres | — | Nay |
| Chau | — | Not Voting |
| Gatto | — | Nay |
| Perea | — | Nay |
| Weber | — | Nay |
| Dickinson | — | Nay |
| Bonta, Mia | Democratic | Not Voting |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 11 | 0 | 0 | 0 |
| Democratic | 1 | 0 | 0 | 0 |
| Total | 12 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (12)
| Member | Party | Vote |
|---|---|---|
| Achadjian | — | Yea |
| Blumenfield | — | Yea |
| Linder | — | Yea |
| Morrell | — | Yea |
| Perea | — | Yea |
| Weber | — | Yea |
| Chau | — | Yea |
| Mansoor | — | Yea |
| Torres | — | Yea |
| Dickinson | — | Yea |
| Gatto | — | Yea |
| Bonta, Mia | Democratic | Yea |
Subjects
Frequently asked questions
- What does AB 1300 do?
- Existing state and federal laws regulate the provision of credit and the use of credit cards. Existing federal law requires a card issuer to disclose, in either electronic form or in a prominent location on the application or solicitation, certain information, including, but not limited to, the annual percentage rate, penalty rates, cash advance fees, late payment fees, and over-the-limit fees, to the extent applicable, on or with an application or solicitation that is initiated by the card issuer and provided to the consumer in person. Existing federal law imposes special rules applicable to credit cards offered to college students. Existing state law requires a card issuer of a secured credit card, as defined, in every advertisement or solicitation to prospective cardholders, to expressly identify the credit instrument offered as a secured credit card and disclose that credit extended under the secured credit card is secured. Existing state law also requires an application form or preapproved written solicitation for an open-end credit card account to be used for certain purposes that is mailed to a consumer in this state to contain specified disclosures, including, among other things, any periodic rate or rates that may be applied to the account, any membership or participation fee that may be imposed for availability of a credit card account, and any per transaction fee that may be imposed on purchases, as specified. This bill would require that prior to the issuance of a credit card on the campus of an institution of higher education to a cardholder who is 18 years of age or older the cardholder be provided with an oral disclosure, by the credit card issuer soliciting on the campus of an institution of higher education, containing certain information, including, but not limited to, the annual percentage rate, penalty rates, cash advance fee, late payment fee, and over-the-limit fee, in a specified manner. The bill would also require the card issuer to orally (1) provide a cardholder with an example of how long it would take a cardholder to pay off the average credit card debt if the cardholder only makes minimum payments, (2) explain how the credit card interest rates are compounded, and (3) explain the adverse effect of a late credit card payment, as specified. The bill would require a cardholder to initial and sign a written document to be provided by the card issuer indicating receipt of the oral disclosures, example, and explanations, as specified. The bill would require the credit card issuer to provide the oral disclosures, example, and explanation and the written document to a non-English speaking cardholder in the cardholder's native language. The bill would specify that these provisions are not applicable to credit card applications submitted online.
- Who sponsors AB 1300?
- AB 1300 is sponsored by Roger Hernández.
- What is the current status of AB 1300?
- This bill died with 2013-2014 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track AB 1300?
- Track AB 1300 free on One Click Politics — get push/email alerts when it moves.
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