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Bill Would Make Credit-Card Issuers Inform College Students of Debt Risk



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(Sacramento, CA)
Monday, April 08, 2013

The bill would require credit card issuers on or near college campuses to verbally communicate with college students about the risks of credit card debt.

Card issuers would have to disclose interest rates and fees.
 
Companies would also have to tell students how long it would take to pay off debt if only making minimum payments.
 
Democratic Assemblymember Roger Hernandez is the bill's author.
 
Hernandez: "This is just a way to match up what the federal government does when the federal government provides loans to students. There is more than just documentation but there is also an oral communication, there's a verbal acknowledgement."
 
The bill would apply to first-time cardholders between 18 and 26 years old.
 
Students would have to verify that card issuers have explained the terms before an application is approved. 
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