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Bills from the 2011–12 session

Senate Bill 258

Credit cards issued to underage customers, higher education institutions and the marketing of credit cards, financial literacy requirements for higher education students, providing an exemption from emergency rule procedures, granting rule-making authority, and providing a penalty

Topics: Credit, Educational Approval Board, Financial Institutions, Department of, Literacy, Parochial and private educational institutions, Technical College System Board, Trade practice, University of Wisconsin: Regents, University of Wisconsin: Student life

Stopped in committee

It never got a ⁠, so it never came up for a vote. To try again, a lawmaker would have to start a new bill.

  1. Introduced, passed

    Oct 25, 2011

  2. Committee, stopped here

    Stopped here. No public hearing was held.

  3. Senate vote, not reached

  4. Assembly vote, not reached

  5. Governor, not reached

  6. Law, not reached

Latest entry in the official record, Mar 23, 2012: “Failed to pass pursuant to ⁠”

It never got a hearing in the Senate Committee on Financial Institutions and Rural Issues. See every bill that never got a hearing this session.

Read the bill

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What it would have done

Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.

This bill requires the Department of Financial Institutions (DFI) to promulgate rules prohibiting credit card issuers from doing the following: 1) offering a student at an institution of higher education (institution) any tangible item to induce the student to apply for a credit card or participate in an open-end credit plan offered by the issuer; or 2) engaging in any marketing of a credit card involving the physical presence of a representative of the issuer offering anything of value on the campus of an institution. Under the bill, "institution" has the same meaning as under a federal law dealing with similar issues as the bill, which includes public universities, private nonprofit universities, postsecondary proprietary schools, and postsecondary vocational schools.

The bill also requires DFI to promulgate rules prohibiting an institution, or department or other division of an institution, from receiving any payment or compensation for credit card marketing activity on a campus of the institution that is directed at the institution's students. The bill defines "campus" as the buildings, facilities, and grounds under the control of an institution that are primarily related to the institution's operation and related services and activities. Before promulgating any of the foregoing rules, the bill requires DFI to consult with the Board of Regents of the University of Wisconsin (UW) System, the Technical College System Board, the Educational Approval Board, and representatives of private institutions. In addition, the bill requires each institution to provide information about financial literacy to its students on its Internet Web site and, if the institution offers an on-campus orientation program to new students, to provide the information to students during the orientation.

Read the full summary

The bill also creates requirements for extending credit to individuals who are less than 21 years old. Under the bill, a credit card may not be issued to, or an open-end credit plan established by or on behalf of, such an individual unless one of the following options is satisfied: 1) the application for the card or plan is cosigned by a parent, legal guardian, spouse, or other individual, who is 21 or older, has the means to repay debts, and indicates that he or she is jointly liable for debts incurred before the applicant turns 21; or 2) the applicant submits financial information indicating an independent means to repay debts. The bill requires DFI to promulgate rules for satisfying the second option. The rules must be consistent with regulations that the Board of Governors of the Federal Reserve System is required to promulgate under federal law. Also, if a cosigner described in the first option is jointly liable for credit card debt incurred by an individual who is not 21 years old, the bill prohibits credit increases unless the cosigner approves of the increase in writing and assumes joint liability for the increase.

Finally, the bill provides that a person who violates the bill or a rule promulgated by DFI under the bill is subject to a civil forfeiture of up to $5,000.

Who's behind it

3 senators are its ⁠. All 3 are Democrats.

10 more lawmakers ⁠.

See all 13 names

Authors (3)

Signed on in support (10)

What it would cost

State agencies filed a . Each opens as a PDF from the Legislature.

What happened

  1. Mar 23, 2012

    The session ended, and the bill died with it.

  2. Nov 3, 2011

    A state agency sent in its estimate of the cost.

  3. Oct 25, 2011

    Sent to the Senate Committee on Financial Institutions and Rural Issues.

  4. Oct 25, 2011

    Introduced in the Senate.

See the official record, word for word
  1. Oct 25, 2011 · Senate

    Introduced by Senators C. Larson, Taylor and Lassa;Cosponsored by Representatives Richards, Berceau, E. Coggs, D. Cullen, Pope-Roberts, Ringhand, Sinicki, Turner, Young and Zepnick

  2. Oct 25, 2011 · Senate

    Read first time and referred to committee on Financial Institutions and Rural Issues

  3. Nov 3, 2011 · Senate

    Fiscal estimate received

  4. Mar 23, 2012 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1

Terms on this page

Committee

A small group of lawmakers that looks at a bill first. Most bills never leave committee.

More in the glossary

Public hearing

A meeting where anyone can speak to a committee about a bill, or send written comments.

More in the glossary

Senate Joint Resolution 1

The session's calendar. Any bill not passed by its last voting day dies.

Official term: Failed to pass pursuant to SJR 1. More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis. More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor. More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor. More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate. More in the glossary

From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source

Committee

A small group of lawmakers that looks at a bill first. Most bills never leave committee.

More in the glossary

Public hearing

A meeting where anyone can speak to a committee about a bill, or send written comments.

More in the glossary

Senate Joint Resolution 1

The session's calendar. Any bill not passed by its last voting day dies.

Official term: Failed to pass pursuant to SJR 1

More in the glossary

Legislative Reference Bureau

The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.

Official term: LRB analysis

More in the glossary

Author

A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.

Official term: Author, coauthor

More in the glossary

Signed on in support

Lawmakers who back a bill without being one of its authors, often from the other chamber.

Official term: Cosponsor

More in the glossary

Cost estimate

A state agency's estimate of what a bill would cost or save.

Official term: Fiscal estimate

More in the glossary