The House Education Committee is expected to debate legislation today that would force colleges and universities to prohibit the dissemination of consumer credit card information to undergraduate students. It used to be that registration day was a biggie for credit card companies. Lawmakers banned registration-day solicitations a few years ago, leaving credit card companies with the remainder of the school year to hand out free t-shirts and other swag to students applying for credit.
House Bill 461 by Rep. Elton M. Aubert, a Vacherie Democrat, closes up the loophole and directs colleges to keep credit card companies from promoting their products on campuses during the entire year. There is one exception in the bill: As long as the information being disseminated “is a component of the student’s course of study,” it won’t be stopped. The bill is supported by Ken E. Uffman, CEO emeritus of the Credit Bureau of Baton Rouge and state coordinator for the Louisiana Jump$tart Coalition, both of which have been behind the Legislature’s most substantial efforts in recent years to boost financial literacy amongst young people. If HB 461 manages to clear the legislative process, it would take effect on July 1.—Jeremy Alford
