Now going forward applications from underage consumers is prohibited. No credit card accounts may be issued to a consumer under the age of 21, unless the consumer has submitted a written application to the credit card issuer that meets the requirements of the credit card company.

The signature of a cosigner, who has attained the age of 21 is required, this includes a parent, guardian, or spouse. Consumer must submit financial information indicating means to repay their credit card obligations.

No increase in credit card limit shall be forth coming unless the parent, guardian, or spouse assumes joint liability for debts incurred by the underage consumer.

No credit card issuer may offer students tangible items to induce that a student apply or participate in opening a credit card offered by the credit card company.

For more information about consumers and credit please review this PDF file link to the Credit Card Reform Act of 2009 – Underage Consumers falls under these sections:

Sec. 301. Extensions of credit to underage consumers.
Sec. 302. Protection of young consumers from prescreened credit offers.
Sec. 303. Issuance of credit cards to certain college students.
Sec. 304. Privacy Protections for college students.
Sec. 305. College Credit Card Agreements.

http://www.creditcardreform.org/pdf/credit-card-bill-2009.pdf