According to a notice by Bank of America here are some of the changes this new act will provide
You will not be charged an Overlimit fee:
Instead the credit card company has the right to decline the transaction
You will have 25 days to pay the bill:
As stated your payment due date will be at least 25 days from your statement closing date
If you pay over the minimum the excess will go towards the higher APR:
Here is an example: The first balance has a promotional APR of 4.99%, the second balance has an APR of 14.99%. If your minimum payment is $100 and you pay $125, the $25 in excess will go towards the balance at 14.99%.
In terms of not making payments:
They can raise your APR only if you don’t make your minimum payment within 60 days of the payment due date. Supposedly you can lower your APR back to its original APR if you have 6 months of consistent payments following the APR increase although I get the impression this item is at the banks discretion.