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The Oklahoma House Banking and Finance Committee voted overwhelmingly this week to kill a bill that would have limited the way credit cards are issued to Oklahoma residents under the age of 21. Senate Bill 23, which was authored by State Senator Robert Milacek and attracted nation attention, was rejected by a 12-1 vote. The bill would have prohibited the issuance of a credit card to a young consumer unless there was proof the consumer was financially independent or had the parent's permission. However the bill would have permitted an underage consumer to get a credit card if they were designated as an authorized user on a card account whereby the primary cardholder was over the age of 21. An amendment to the bill, limiting credit lines to $500 for underage consumers, was also rejected. According to the Daily Oklahoman, Senator Milacek took an extraordinary step of passionately addressing the House Committee. He cited the example of a college student who committed suicide after maxing out 10 to 12 credit cards. Milacek also asserted that 150,000 students now file for bankruptcy each year. The proposed legislation drew national attention following recent decisions by several colleges to limit credit card marketing on campus.
