U.S. House approves credit card bill

WASHINGTON, May 20 (UPI) -- The U.S. House Wednesday overwhelmingly OK'd credit card reform legislation that would require plain contract language and notice of interest rate changes.

The 361-to-64 vote reflected public ire over how banks and credit card companies treat consumers, with lawmakers citing sudden, unexplained interest rate increases and seemingly incomprehensible terms as major complaints, The New York Times reported.

The bill now goes to President Barack Obama, who had requested the bill be on his desk so he could sign it by Memorial Day.

The measure included a provision that would permit visitors to national parks and wildlife refuges to carry loaded guns into the facilities if they have a permit to carry a concealed weapon in the state where the federal land is located. The vote on the amendment was 279-147.

The credit card bill with the gun amendment cleared the Senate Tuesday.

The measure would establish new restrictions for credit card companies, including requiring 45 days' notice before an interest rate change and plain English for terms and conditions, prohibiting companies from raising interest rates on existing balances unless a card holder falls 60 days behind on minimum payments.

The bill would also restrict the ability of college students to get a credit card.