For Immediate Release: May 1, 2007

Senator Jim Reynolds

Bill to Restrict Student Info From Credit Card Companies Heads to Gov.

A bill to keep Oklahoma college students’ names and addresses from being sold to credit card companies has won final approval from the State Senate. Sen. Jim Reynolds is the principal author of Senate Bill 496, which will now go to Gov. Brad Henry for final consideration.

“We’ve had students right here in Oklahoma who have committed suicide because of credit card debt,” said Reynolds, R-Oklahoma City. “We want to do everything in our power to protect students who are major marketing targets for these credit card companies.”

Reynolds said reports indicate the average credit card debt for college students in this country is $2,200. Often the cards issued to students have high annual percentage rates, making it even more difficult for students to get out of debt.

Reynolds said because of the federal Freedom of Information Act, schools would still have to allow access to student names and other information considered public record, but that the bill would prohibit the selling of entire lists of students for the express purpose of marketing credit cards. Furthermore, students can opt out of having any information released at all.

“Credit card debt has become a serious problem on our college campuses,” Reynolds said. “This bill was approved unanimously in the Senate and by a huge margin in the House. I am hopeful that Governor Henry will join the Legislature and sign SB 496 into law.”

For more information contact:
Senator Reynold's Office: (405) 521-5522