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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Lundstrom

 

DATE TYPED:

1-28-02

 

HB

HJM 22

 

SHORT TITLE:

Study Issuance of Credit Cards

 

SB

 

 

 

ANALYST:

Baca

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

NFI

 

 

 

 

(Parenthesis) Indicate Expenditure Decreases)

 

SOURCES OF INFORMATION

 

State Department of Education (SDE)

 

SUMMARY

 

     Synopsis of Bill

 

House Joint Memorial 22 requests that the Legislative Council assign to an interim committee the task of studying issues surrounding the issuance of credit cards to young adults and report its findings and recommendations, if any, to the 46th Legislature. 

 

     Significant Issues 

 

This memorial recommends a study and raises no significant issues in and of itself. The results and recommendations of the study could raise issues in the future should the Legislature enact preventive legislation as opposed to legislation geared toward educating young people about responsible management of their credit.  Outright attempts to prohibit commercial solicitation would raise significant issues of commercial speech.  It would also raise issues of the ability of minors to lawfully incur credit, the responsibility of parents for the debts of their minor children and the extent to which some of these issues are pre-empted by federal consumer credit laws, according to the SDE.

 

LB/njw

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