Bill Text: CA SB838 | 2011-2012 | Regular Session | Introduced

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Bill Title: Credit cards: finance charges.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-31 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB838 Detail]

Download: California-2011-SB838-Introduced.html

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BILL NUMBER: SB 838	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Blakeslee

                        FEBRUARY 18, 2011

   An act to amend Section 1748.5 of the Civil Code, relating to
credit cards.



	LEGISLATIVE COUNSEL'S DIGEST


   SB 838, as introduced, Blakeslee. Credit cards: finance charges.
   Existing state and federal law regulate the provision of credit to
consumers. Existing state law permits a holder of a credit card to
request information on the total amount of finance charges assessed
on the account during the preceding calendar year, and requires the
card issuer to provide that information, without charge, within 30
days of receiving the request.
   This bill would make technical, nonsubstantive changes to these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 1748.5 of the Civil Code is amended to read:
   1748.5.  (a) A cardholder may request, not more frequently than
once a year, that the card issuer inform the cardholder of the total
amount of finance charges assessed on the account during the
preceding calendar year and the card issuer shall provide that
information to the cardholder within 30 days of receiving the
request, without charge.
   If the  cardholder's   cardholder makes the
 request for  the  information  is made
    on finance charges  in writing, the
card issuer shall provide the information in writing. However, if the
card issuer is required to furnish the cardholder with a periodic
billing or periodic statement of account or furnishes the billing or
statement of account, the requested statement of finance charges may
be furnished  along  with the periodic billing or
periodic statement of account.
   (b) This section shall not apply to card issuers or cardholders
who issue or use credit cards in connection with a retail installment
account, as defined by Section 1802.7.