@Anonymous wrote:
I don't know the exact wording of the law, but it seems banks interpret "proof" as whatever the consumer says on an application, the only limitation apparently being that this must be done online or on paper, as opposed to over the phone.
If this law is supposed to protect young people from abusing credit products, it is extreemeley poorly written or enforced.
Section 301(8) of the Credit Card Act of 2009:
APPLICATIONS FROM UNDERAGE CONSUMERS.—
(A) PROHIBITION ON ISSUANCE.—No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application to the card issuer that meets the requirements of subparagraph (B).
(B) APPLICATION REQUIREMENTS.—An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require—
(i) the signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or
(ii) submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.
