```

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1927 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 189
111th CONGRESS
  1st Session
                                S. 1927

 To establish a moratorium on credit card interest rate increases, and 
                          for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            October 26, 2009

Mr. Dodd (for himself, Mr. Reed, Mr. Schumer, Mr. Menendez, Mr. Brown, 
  Mr. Tester, Mr. Merkley, and Mr. Udall of Colorado) introduced the 
             following bill; which was read the first time

                            October 27, 2009

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL

 
 To establish a moratorium on credit card interest rate increases, 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.

    This Act may be cited as the ``Credit Card Rate Freeze Act of 
2009''.

SEC. 2. MORATORIUM ON RATE INCREASES.

    During the period beginning on the date of enactment of this Act 
and ending 9 months after the date of enactment of the Credit Card 
Accountability Responsibility and Disclosure Act of 2009, in the case 
of any credit card account under an open end consumer credit plan--
            (1) no creditor may increase any annual percentage rate, 
        fee, or finance charge applicable to any outstanding balance, 
        except as permitted under subsection 171(b) of the Truth in 
        Lending Act (as added by Public Law 111-24); and
            (2) no creditor may change the terms governing the 
        repayment of any outstanding balance, except as set forth in 
        section 171(c) of the Truth in Lending Act (as added by Public 
        Law 111-24).

SEC. 3. DEFINED TERMS.

    For purposes of this Act--
            (1) the term ``annual percentage rate'' means an annual 
        percentage rate, as determined under section 107 of the Truth 
        in Lending Act (15 U.S.C. 1606);
            (2) the term ``finance charge'' means a finance charge, as 
        determined under section 106 of the Truth in Lending Act (15 
        U.S.C. 1605);
            (3) the term ``outstanding balance'' has the same meaning 
        as in section 171(d) of the Truth in Lending Act (as added by 
        Public Law 111-24); and
            (4) the terms used in this Act that are defined in section 
        103 of the Truth in Lending Act (15 U.S.C. 1602) and are not 
        otherwise defined in this Act shall have the same meanings as 
        in section 103 of the Truth in Lending Act.

SEC. 4. REGULATORY AUTHORITY.

    (a) In General.--The Board of Governors of the Federal Reserve 
System may issue such rules as may be necessary to carry out this Act.
    (b) Date of Enactment.--The provisions of this Act shall take 
effect upon the date of enactment of this Act, regardless of whether 
rules are issued under subsection (a).
                                                       Calendar No. 189

111th CONGRESS

  1st Session

                                S. 1927

_______________________________________________________________________

                                 A BILL

 To establish a moratorium on credit card interest rate increases, and 
                          for other purposes.

_______________________________________________________________________

                            October 27, 2009

            Read the second time and placed on the calendar
```