Senate Bill sb2728

    Florida Senate - 2003                                  SB 2728

    By Senator Hill





    1-1790-03

  1                      A bill to be entitled

  2         An act relating to consumer credit; requiring

  3         credit card issuers to provide notice in

  4         billing statements regarding the pay-off of

  5         card balances; providing an effective date.

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  7  Be It Enacted by the Legislature of the State of Florida:

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  9         Section 1.  (1)  A credit card issuer shall include

10  with each billing statement sent to a cardholder in this state

11  a notice stating the total cost and number of months required

12  to pay the complete balance on an open-end credit card account

13  if only the minimum payments are made each month.

14         (2)  If an account has a variable interest rate, the

15  issuer may provide such calculations based on the rate in

16  effect on a specific date and disclose that the rate may vary.

17         Section 2.  This act shall take effect July 1, 2003.

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20                          SENATE SUMMARY

21    Requires credit card issuers to provide certain
      disclosures to cardholders regarding total payment amount
22    and number of minimum payments required to pay the
      balance.
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CODING: Words stricken are deletions; words underlined are additions.