Legislative History
| House Bill/Resolution NO. HB08878 |
| FULL TITLE : AN ACT REQUIRING THE CREATION OF A SYSTEM OR APPLICATION THAT WOULD DETERMINE POTENTIAL CREDIT LIMIT BREACH AND GIVE THE CREDIT CARD HOLDER REAL-TIME FINANCIAL NOTIFICATION |
| ABSTRACT : Seeks to respond to the findings of an annual study being conducted by Visa's Consumer Payment Attitudes Survey across six markets in Southeast Asia that "Filipinos were most interested in contactless payments, and used them typically to pay for groceries, bills and fines, and food and beverages".Intends to protect the rights of consumers and ensure that they do not fall on the traps of careless spending and incurring unnecessary and completely avoidable penalties from credit card companies.Refers "credit card limit breach" to the situation when a credit cardholder's account balance is more than the maximum amount of money the credit card issuer would loan to the former. |
| PRINCIPAL AUTHOR/S : OLIVAREZ, ERIC L. |
| DATE FILED : 2019-01-28 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2019-01-29 |
Abstract
Seeks to respond to the findings of an annual study being conducted by Visa's Consumer Payment Attitudes Survey across six markets in Southeast Asia that "Filipinos were most interested in contactless payments, and used them typically to pay for groceries, bills and fines, and food and beverages".Intends to protect the rights of consumers and ensure that they do not fall on the traps of careless spending and incurring unnecessary and completely avoidable penalties from credit card companies.Refers "credit card limit breach" to the situation when a credit cardholder's account balance is more than the maximum amount of money the credit card issuer would loan to the former
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.