I 

108TH CONGRESS 

1ST SESSION H. R. 1747

To amend the Truth in Lending Act to provide for enhanced information 

regarding credit card balance payment terms and conditions, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 10, 2003

Mr. MCGOVERN (for himself, Mr. LANTOS, Ms. BORDALLO, Ms. NORTON, Mr. 

BALLANCE, Ms. LEE, Mr. WAXMAN, Mr. OLVER, and Ms. SCHAKOWSKY) 

introduced the following bill; which was referred to the Committee on Financial Services 

A BILL

To amend the Truth in Lending Act to provide for enhanced 

information regarding credit card balance payment terms 

and conditions, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Consumer Credit Dis5 closure Act of 2003’’. 
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1 SEC. 2. ENHANCED DISCLOSURES UNDER AN OPEN END 

2 CONSUMER CREDIT PLAN. 

3 (a) REPAYMENT TERMS.—Section 127(b) of the 

4 Truth in Lending Act (15 U.S.C. 1637(b)) is amended 

5 by adding at the end the following new paragraph: 

6 ‘‘(11)(A) Repayment information that would 

7 apply to the outstanding balance of the consumer 

8 under the credit plan, including—

9 ‘‘(i) the required minimum monthly pay10 ment on that balance, represented as both a 

11 dollar figure and as a percentage of that bal12 ance; 

13 ‘‘(ii) the number of months (rounded to 

14 the nearest month) that it would take to pay 

15 the entire amount of that balance, if the con16 sumer pays only the required minimum monthly 

17 payments and if no further advances are made; 

18 ‘‘(iii) the total cost to the consumer, in19 cluding interest and principal payments, of pay20 ing that balance in full, if the consumer pays 

21 only the required minimum monthly payments 

22 and if no further advances are made; and 

23 ‘‘(iv) the monthly payment amount that 

24 would be required for the consumer to eliminate 

25 the outstanding balance in 36 months if no fur26 ther advances are made. 
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1 ‘‘(B)(i) Subject to clause (ii), in making the dis2 closures under subparagraph (A) the creditor shall 

3 apply the interest rate in effect on the date on which 

4 the disclosure is made until the date on which the 

5 balance would be paid in full. 

6 ‘‘(ii) If the interest rate in effect on the date on 

7 which the disclosure is made is a temporary rate 

8 that will change under a contractual provision apply9 ing an index or formula for subsequent interest rate 

10 adjustment, the creditor shall apply the interest rate 

11 in effect on the date on which the disclosure is made 

12 for as long as that interest rate will apply under 

13 that contractual provision, and then apply an inter14 est rate based on the index or formula in effect on 

15 the applicable billing date.’’. 

16 (b) PUBLICATION OF MODEL FORMS.—Not later 

17 than 180 days after the date of enactment of this Act, 

18 the Board of Governors of the Federal Reserve System 

19 shall publish model disclosure forms in accordance with 

20 section 105 of the Truth in Lending Act for the purpose 

21 of compliance with section 127(b)(11) of the Truth in 

22 Lending Act, as added by this section.

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