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New Credit Card Rules for Parents in Tampa, Florida

The new law (rules) goes into effect in three weeks exactly -- 22 Feb 2010

Here are some interesting facts (and not in any neccesary order)

1. Credit Card Holders are protected from arbitrary interest rates increase
   • This includes doing away with the Universal Default Clause
   • Card Companies have to give warning 45 days in advance
2. Credit Card Holders who pay on time are not penalized
   • No more charging interest on debt paid during the grace period
   • Known as double billing (I just learned something new)
3. Rules against Due Date Malarkey
   • Bills are sent out 21 days in advance
   • All payments received by 5PM on any date are credited that day, not the next
   • Due Dates to be on the same day of each month
     • Holidays and weekends, this would fall to the NEXT business day

1. Set your own credit card limit
   • Wow, I wished I had thought of that - Maybe I would have won a Nobel Peace Prize
2. Limited Credit Card Fees
   • Currently OTL (over the limit) fees can be charged as often as necessary
   • Limited to Three (3) OTL Fees
     
3. Protection from Misleading Credit Card Terms
   • Sounds similar to the new Good Faith Estimate
   • But do we really read the terms anyways
4. Rules for Parents of College Students
   • Credit Cards for college students now require Parents consent (co-signatures)
   • Parents are to be notified of credit line increases
   • No More Pre Screened offers to the 18 - 21 age demographic
     • While We are at it, lets take away voting rights also
   • Marketing Contracts Universities revised
     • Alumni Groups and Colleges now have to disclose what they get out of it
     • Marketing no longer done on College Campuses, but must be 1000 feet away
     • No More Freebies

Now don't get me wrong, I am all for some of this new law which can be read for yourself.  However I am concerned about requirements for parents being responsible for a child no longer a minor.  I plan to teach my children about finance, credit, savings, etc - But once they going, I hope that they will remember what they were taught in their youth

In Part Two, I will discuss other measures of the bill aimed at society in large