This is an old article, and the commentary is crap, but it summarizes the bill. " Consumers under the age of 21 would be allowed to choose whether to receive credit card solicitations. Card issuers could only solicit young consumers if they receive affirmative consent in advance. Card issuers could not use the widespread practice of charging higher interest rates on balances incurred before a rate increase went into effect. Credit card issuers could not alter credit card agreements while they are in force without specific written consent from the cardholder. This will stop issuers from giving themselves the right in cardholder agreements to increase interest rates and fees �at any time, for any reason.� The bill would require that penalty fees be reasonably related to the costs that credit card issuers incur because of a late or over-limit transgression. Credit card issuers could not increase a cardholder�s interest rate based on adverse information relating to other creditors they find on the consumer�s credit report. Card issuers would be required to limit �penalty� interest rate increases to 7 percent above the previous rate if a consumer fails, for instance, to make a payment on time. The Act would prohibit late fees on payments that have been postmarked by a designated date. T...."