# Credit Card Accountability Responsibility and Disclosure Act of 2009

Note: This is the original legislation as it was initially enacted. Any subsequent amendments hosted on Wikisource may be listed using What Links Here.
An Act To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

### Section 1. Short Title; Table of Contents.

    (a) Short Title.—
       This Act may be cited as the ``Credit Card Accountability Responsibility and Disclosure Act of 2009´´ or the ``Credit CARD Act of 2009´´.
    (b) Table of Contents.—
       The table of contents for this Act is as follows:
          Sec. 1. Short Title; Table of Contents.
          Sec. 2. Regulatory Authority.
          Sec. 3. Effective Date.
          TITLE I — CONSUMER PROTECTION
             Sec. 101. Protection of credit cardholders.
             Sec. 102. Limits on fees and interest charges.
             Sec. 103. Use of terms clarified.
             Sec. 104. Application of card payments.
             Sec. 105. Standards applicable to initial issuance of subprime or “fee harvester” cards.
             Sec. 106. Rules regarding periodic statements.
             Sec. 107. Enhanced penalties.
             Sec. 108. Clerical amendments.
             Sec. 109. Consideration of Ability to repay.
          TITLE II — ENHANCED CONSUMER DISCLOSURES
             Sec. 201. Payoff timing disclosures.
             Sec. 202. Requirements relating to late payment deadlines and penalties.
             Sec. 203. Renewal disclosures.
             Sec. 204. Internet posting of credit card agreements.
             Sec. 205. Prevention of deceptive marketing of credit reports.
          TITLE III — PROTECTION OF YOUNG CONSUMERS
             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.
          TITLE IV — GIFT CARDS
             Sec. 401. General-use prepaid cards, gift certificates, and store gift cards.
             Sec. 402. Relation to State laws.
             Sec. 403. Effective date.
          TITLE V — MISCELLANEOUS PROVISIONS
             Sec. 501. Study and report on interchange fees.
             Sec. 502. Board review of consumer credit plans and regulations.
             Sec. 503. Stored value.
             Sec. 504. Procedure for timely settlement of estates of decedent obligors.
             Sec. 505. Report to Congress on reductions of consumer credit card limits based on certain information as to experience or transactions of the consumer.
             Sec. 506. Board review of small business credit plans and recommendations.
             Sec. 507. Small business information security task force.
             Sec. 508. Study and report on emergency PIN technology.
             Sec. 509. Study and report on the marketing of products with credit offers.
             Sec. 510. Financial and economic literacy.
             Sec. 511. Federal trade commission rulemaking on mortgage lending.
             Sec. 512. Protecting Americans from violent crime.
             Sec. 513. GAO study and report on fluency in the English language and financial literacy.

### Sec. 2. Regulatory Authority.

    The Board of Governors of the Federal Reserve System (in this Act referred to as the ``Board´´) may issue such rules and publish such model forms as it considers necessary to carry out this Act and the amendments made by this Act.

### Sec. 3. Effective Date.

    This Act and the amendments made by this Act shall become effective 9 months after the date of enactment of this Act, except as otherwise specifically provided in this Act.
Approved May 22, 2009.

## Legislative History

* H.R. 627, (S. 414)
   * HOUSE REPORTS:
      * No. 111-88 (Comm. on Financial Services)
   * SENATE REPORTS:
      * No. 111-16 accompanying S. 414 (Comm. on Banking, Housing, and Urban Affairs)
   * CONGRESSIONAL RECORD, Vol. 155 (2009):
      * Apr. 29, 30, considered and passed House.
      * May 11-14, 19, considered and passed Senate, amended.
      * May 20, House concurred in Senate amendment.
   * DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2009):
      * May 22, Presidential remarks.
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