Money doesn&39;t have to be boring! Each week, CreditBloggers.com takes a look at the lighter side of the personal finance world in a series called Funny Money Friday.

Remember all those credit card reforms the new Congress talked about back in January? Personal finance advocates got all fired up about the possibility of improved rate disclosures, regulations for lending to minors, banning the universal default clause and restricting rate changes. Those were exciting times!

Four months later, the reforms have been formally proposed with the introduction of H.R. 1461 into the House of Representatives. The Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2007 was introduced on May 9 by Representatives Udall and Cleaver. If passed, this act will:

• Require credit card issuers to give consumers advance notice of credit card rate changes.
• Freeze credit card rates and fees on cards that are closed by consumers.
• Prohibit charges for on-time credit card payments when the account has no balance.
• Ban account cancellation fees and inactivity fees.
• Prohibit credit card issuers from charging an overlimit fee if they approved the transaction.
• Ban universal default clauses
• Improve mandatory repayment and rate disclosure, including  a required mention of the monthly payments you would have to make to pay off the balance in 36 months.
• Improve credit card issuer disclosure about payment deadline and postmark policies.
• Regulate the marketing and issuing of credit to consumers under 18. Including requiring parent signatures on credit card applications and mandatory credit counseling for minors wanting to open a credit card.
• Increased penalties for violating the Truth in Lending Act.

Pretty great, isn&39;t it?! We&39;re so excited about H.R. 1461 here at CreditBloggers.com that we&39;ve put together a Hallmark thank you e-card for Representatives Udall and Cleaver:

If you love the Credit CARD Act of 2007 as much as we do, tell your representative! This easy online form makes it easy to let your representative know that you want them to support H.R. 1461! Happy Friday!