In the Senate of the United States, 
May 19, 2009. 
Resolved, That the bill from the House of Representa-
tives (H.R. 627) entitled ‘‘An Act to amend the Truth in 
Lending Act to establish fair and transparent practices relat-
ing to the extension of credit under an open end consumer 
credit plan, and for other purposes.’’, do pass with the fol-
lowing 
AMENDMENT: 
Strike all after the enacting clause and insert the 
following: 
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.
† HR 627 EAS 
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 finan-
cial literacy.
† HR 627 EAS 
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. 
TITLE I—CONSUMER 
PROTECTION 
SEC. 101. PROTECTION OF CREDIT CARDHOLDERS. 
(a) ADVANCE NOTICE OF RATE INCREASE AND OTHER 
CHANGES REQUIRED.— 
(1) AMENDMENT TO TILA.—Section 127 of the 
Truth in Lending Act (15 U.S.C. 1637) is amended 
by adding at the end the following: 
‘‘(i) ADVANCE NOTICE OF RATE INCREASE AND OTHER 
CHANGES REQUIRED.— 
‘‘(1) ADVANCE NOTICE OF INCREASE IN INTER-
EST RATE REQUIRED.—In the case of any credit card 
account under an open end consumer credit plan, a 
creditor shall provide a written notice of an increase 
in an annual percentage rate (except in the case of 
an increase described in paragraph (1), (2), or (3) of
† HR 627 EAS 
section 171(b)) not later than 45 days prior to the ef-
fective date of the increase. 
‘‘(2) ADVANCE NOTICE OF OTHER SIGNIFICANT 
CHANGES REQUIRED.—In the case of any credit card 
account under an open end consumer credit plan, a 
creditor shall provide a written notice of any signifi-
cant change, as determined by rule of the Board, in 
the terms (including an increase in any fee or finance 
charge, other than as provided in paragraph (1)) of 
the cardholder agreement between the creditor and the 
obligor, not later than 45 days prior to the effective 
date of the change. 
‘‘(3) NOTICE OF RIGHT TO CANCEL.—Each notice 
required by paragraph (1) or (2) shall be made in a 
clear and conspicuous manner, and shall contain a 
brief statement of the right of the obligor to cancel the 
account pursuant to rules established by the Board be-
fore the effective date of the subject rate increase or 
other change. 
‘‘(4) RULE OF CONSTRUCTION.—Closure or can-
cellation of an account by the obligor shall not con-
stitute a default under an existing cardholder agree-
ment, and shall not trigger an obligation to imme-
diately repay the obligation in full or through a 
method that is less beneficial to the obligor than one
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of the methods described in section 171(c)(2), or the 
imposition of any other penalty or fee.’’. 
(2) EFFECTIVE DATE.—Notwithstanding section 
3, section 127(i) of the Truth in Lending Act, as 
added by this subsection, shall become effective 90 
days after the date of enactment of this Act. 
(b) RETROACTIVE INCREASE
AND UNIVERSAL DE-
FAULT PROHIBITED.—Chapter 4 of the Truth in Lending 
Act (15 U.S.C. 1666 et seq.) is amended— 
(1) by redesignating section 171 as section 173; 
and 
(2) by inserting after section 170 the following: 
‘‘SEC. 171. LIMITS ON INTEREST RATE, FEE, AND FINANCE 
CHARGE INCREASES APPLICABLE TO OUT-
STANDING BALANCES. 
‘‘(a) IN GENERAL.—In the case of any credit card ac-
count under an open end consumer credit plan, no creditor 
may increase any annual percentage rate, fee, or finance 
charge applicable to any outstanding balance, except as per-
mitted under subsection (b). 
‘‘(b) EXCEPTIONS.—The prohibition under subsection 
(a) shall not apply to— 
‘‘(1) an increase in an annual percentage rate 
upon the expiration of a specified period of time, pro-
vided that—
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‘‘(A) prior to commencement of that period, 
the creditor disclosed to the consumer, in a clear 
and conspicuous manner, the length of the period 
and the annual percentage rate that would apply 
after expiration of the period; 
‘‘(B) the increased annual percentage rate 
does not exceed the rate disclosed pursuant to 
subparagraph (A); and 
‘‘(C) the increased annual percentage rate is 
not applied to transactions that occurred prior 
to commencement of the period; 
‘‘(2) an increase in a variable annual percentage 
rate in accordance with a credit card agreement that 
provides for changes in the rate according to oper-
ation of an index that is not under the control of the 
creditor and is available to the general public; 
‘‘(3) an increase due to the completion of a work-
out or temporary hardship arrangement by the obli-
gor or the failure of the obligor to comply with the 
terms of a workout or temporary hardship arrange-
ment, provided that— 
‘‘(A) the annual percentage rate, fee, or fi-
nance charge applicable to a category of trans-
actions following any such increase does not ex-
ceed the rate, fee, or finance charge that applied
† HR 627 EAS 
to that category of transactions prior to com-
mencement of the arrangement; and 
‘‘(B) the creditor has provided the obligor, 
prior to the commencement of such arrangement, 
with clear and conspicuous disclosure of the 
terms of the arrangement (including any in-
creases due to such completion or failure); or 
‘‘(4) an increase due solely to the fact that a 
minimum payment by the obligor has not been re-
ceived by the creditor within 60 days after the due 
date for such payment, provided that the creditor 
shall— 
‘‘(A) include, together with the notice of 
such increase required under section 127(i), a 
clear and conspicuous written statement of the 
reason for the increase and that the increase will 
terminate not later than 6 months after the date 
on which it is imposed, if the creditor receives 
the required minimum payments on time from 
the obligor during that period; and 
‘‘(B) terminate such increase not later than 
6 months after the date on which it is imposed, 
if the creditor receives the required minimum 
payments on time during that period. 
‘‘(c) REPAYMENT OF OUTSTANDING BALANCE.—
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‘‘(1) IN GENERAL.—The creditor shall not change 
the terms governing the repayment of any out-
standing balance, except that the creditor may pro-
vide the obligor with one of the methods described in 
paragraph (2) of repaying any outstanding balance, 
or a method that is no less beneficial to the obligor 
than one of those methods. 
‘‘(2) METHODS.—The methods described in this 
paragraph are— 
‘‘(A) an amortization period of not less 
than 5 years, beginning on the effective date of 
the increase set forth in the notice required under 
section 127(i); or 
‘‘(B) a required minimum periodic pay-
ment that includes a percentage of the out-
standing balance that is equal to not more than 
twice the percentage required before the effective 
date of the increase set forth in the notice re-
quired under section 127(i). 
‘‘(d) OUTSTANDING BALANCE DEFINED.—For pur-
poses of this section, the term ‘outstanding balance’ means 
the amount owed on a credit card account under an open 
end consumer credit plan as of the end of the 14th day after 
the date on which the creditor provides notice of an increase
† HR 627 EAS 
in the annual percentage rate, fee, or finance charge in ac-
cordance with section 127(i).’’. 
(c) INTEREST RATE REDUCTION ON OPEN END CON-
SUMER CREDIT PLANS.—Chapter 3 of the Truth in Lending 
Act (15 U.S.C. 1661 et seq.) is amended by adding at the 
end the following: 
‘‘SEC. 148. INTEREST RATE REDUCTION ON OPEN END CON-
SUMER CREDIT PLANS. 
‘‘(a) IN GENERAL.—If a creditor increases the annual 
percentage rate applicable to a credit card account under 
an open end consumer credit plan, based on factors includ-
ing the credit risk of the obligor, market conditions, or other 
factors, the creditor shall consider changes in such factors 
in subsequently determining whether to reduce the annual 
percentage rate for such obligor. 
‘‘(b) REQUIREMENTS.—With respect to any credit card 
account under an open end consumer credit plan, the cred-
itor shall— 
‘‘(1) maintain reasonable methodologies for as-
sessing the factors described in subsection (a); 
‘‘(2) not less frequently than once every 6 
months, review accounts as to which the annual per-
centage rate has been increased since January 1, 
2009, to assess whether such factors have changed (in-
cluding whether any risk has declined);
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‘‘(3) reduce the annual percentage rate pre-
viously increased when a reduction is indicated by 
the review; and 
‘‘(4) in the event of an increase in the annual 
percentage rate, provide in the written notice required 
under section 127(i) a statement of the reasons for the 
increase. 
‘‘(c) RULE OF CONSTRUCTION.—This section shall not 
be construed to require a reduction in any specific amount. 
‘‘(d) RULEMAKING.—The Board shall issue final rules 
not later than 9 months after the date of enactment of this 
section to implement the requirements of and evaluate com-
pliance with this section, and subsections (a), (b), and (c) 
shall become effective 15 months after that date of enact-
ment.’’. 
(d) INTRODUCTORY
AND
PROMOTIONAL
RATES.— 
Chapter 4 of the Truth in Lending Act (15 U.S.C. 1666 
et seq.) is amended by inserting after section 171, as amend-
ed by this Act, the following: 
‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE IN-
CREASES. 
‘‘(a) LIMITATION
ON
INCREASES
WITHIN
FIRST 
YEAR.—Except in the case of an increase described in para-
graph (1), (2), (3), or (4) of section 171(b), no increase in 
any annual percentage rate, fee, or finance charge on any
† HR 627 EAS 
credit card account under an open end consumer credit 
plan shall be effective before the end of the 1-year period 
beginning on the date on which the account is opened. 
‘‘(b) PROMOTIONAL RATE MINIMUM TERM.—No in-
crease in any annual percentage rate applicable to a credit 
card account under an open end consumer credit plan that 
is a promotional rate (as that term is defined by the Board) 
shall be effective before the end of the 6-month period begin-
ning on the date on which the promotional rate takes effect, 
subject to such reasonable exceptions as the Board may es-
tablish, by rule.’’. 
(e) CLERICAL AMENDMENT.—The table of sections for 
chapter 4 of the Truth in Lending Act is amended by strik-
ing the item relating to section 171 and inserting the fol-
lowing: 
‘‘171. Limits on interest rate, fee, and finance charge increases applicable to out-
standing balances. 
‘‘172. Additional limits on interest rate increases. 
‘‘173. Applicability of State laws.’’. 
SEC. 102. LIMITS ON FEES AND INTEREST CHARGES. 
(a) IN GENERAL.—Section 127 of the Truth in Lend-
ing Act (15 U.S.C. 1637) is amended by adding at the end 
the following: 
‘‘(j) PROHIBITION ON PENALTIES FOR ON-TIME PAY-
MENTS.— 
‘‘(1) PROHIBITION
ON
DOUBLE-CYCLE
BILLING 
AND PENALTIES FOR ON-TIME PAYMENTS.—Except as
† HR 627 EAS 
‘‘(4) TIME
OF
ELECTION.—A consumer may 
make the election referred to in paragraph (1) at any 
time, and such election shall be effective until the elec-
tion is revoked in the manner prescribed under para-
graph (3). 
‘‘(5) REGULATIONS.—The Board shall prescribe 
regulations— 
‘‘(A) governing disclosures under this sub-
section; and 
‘‘(B) that prevent unfair or deceptive acts 
or practices in connection with the manipulation 
of credit limits designed to increase over-the- 
limit fees or other penalty fees. 
‘‘(6) RULE OF CONSTRUCTION.—Nothing in this 
subsection shall be construed to prohibit a creditor 
from completing an over-the-limit transaction, pro-
vided that a consumer who has not made a valid elec-
tion under paragraph (1) is not charged an over-the- 
limit fee for such transaction. 
‘‘(7) RESTRICTION ON FEES CHARGED FOR AN 
OVER-THE-LIMIT
TRANSACTION.—With respect to a 
credit card account under an open end consumer 
credit plan, an over-the-limit fee may be imposed 
only once during a billing cycle if the credit limit on 
the account is exceeded, and an over-the-limit fee,
† HR 627 EAS 
with respect to such excess credit, may be imposed 
only once in each of the 2 subsequent billing cycles, 
unless the consumer has obtained an additional exten-
sion of credit in excess of such credit limit during 
any such subsequent cycle or the consumer reduces the 
outstanding balance below the credit limit as of the 
end of such billing cycle. 
‘‘(l) LIMIT ON FEES RELATED TO METHOD OF PAY-
MENT.—With respect to a credit card account under an 
open end consumer credit plan, the creditor may not impose 
a separate fee to allow the obligor to repay an extension 
of credit or finance charge, whether such repayment is made 
by mail, electronic transfer, telephone authorization, or 
other means, unless such payment involves an expedited 
service by a service representative of the creditor.’’. 
(b) REASONABLE PENALTY FEES.— 
(1) IN GENERAL.—Chapter 3 of the Truth in 
Lending Act (15 U.S.C. 1661 et seq.), as amended by 
this Act, is amended by adding at the end the fol-
lowing: 
‘‘SEC. 149. REASONABLE PENALTY FEES ON OPEN END CON-
SUMER CREDIT PLANS. 
‘‘(a) IN GENERAL.—The amount of any penalty fee or 
charge that a card issuer may impose with respect to a cred-
it card account under an open end consumer credit plan
† HR 627 EAS 
in connection with any omission with respect to, or viola-
tion of, the cardholder agreement, including any late pay-
ment fee, over-the-limit fee, or any other penalty fee or 
charge, shall be reasonable and proportional to such omis-
sion or violation. 
‘‘(b) RULEMAKING REQUIRED.—The Board, in con-
sultation with the Comptroller of the Currency, the Board 
of Directors of the Federal Deposit Insurance Corporation, 
the Director of the Office of Thrift Supervision, and the Na-
tional Credit Union Administration Board, shall issue final 
rules not later than 9 months after the date of enactment 
of this section, to establish standards for assessing whether 
the amount of any penalty fee or charge described under 
subsection (a) is reasonable and proportional to the omis-
sion or violation to which the fee or charge relates. Sub-
section (a) shall become effective 15 months after the date 
of enactment of this section. 
‘‘(c) CONSIDERATIONS.—In issuing rules required by 
this section, the Board shall consider— 
‘‘(1) the cost incurred by the creditor from such 
omission or violation; 
‘‘(2) the deterrence of such omission or violation 
by the cardholder; 
‘‘(3) the conduct of the cardholder; and
† HR 627 EAS 
‘‘(4) such other factors as the Board may deem 
necessary or appropriate. 
‘‘(d) DIFFERENTIATION PERMITTED.—In issuing rules 
required by this subsection, the Board may establish dif-
ferent standards for different types of fees and charges, as 
appropriate. 
‘‘(e) SAFE HARBOR RULE AUTHORIZED.—The Board, 
in consultation with the Comptroller of the Currency, the 
Board of Directors of the Federal Deposit Insurance Cor-
poration, the Director of the Office of Thrift Supervision, 
and the National Credit Union Administration Board, may 
issue rules to provide an amount for any penalty fee or 
charge described under subsection (a) that is presumed to 
be reasonable and proportional to the omission or violation 
to which the fee or charge relates.’’. 
(2) CLERICAL AMENDMENTS.—Chapter 3 of the 
Truth in Lending Act (15 U.S.C. 1661 et seq.) is 
amended— 
(A) in the chapter heading, by inserting 
‘‘AND LIMITS ON CREDIT CARD 
FEES’’ after ‘‘ADVERTISING’’; and 
(B) in the table of sections for the chapter, 
by adding at the end the following: 
‘‘148. Interest rate reduction on open end consumer credit plans. 
‘‘149. Reasonable penalty fees on open end consumer credit plans.’’.
† HR 627 EAS 
SEC. 103. USE OF TERMS CLARIFIED. 
Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following: 
‘‘(m) USE OF TERM ‘FIXED RATE’.—With respect to 
the terms of any credit card account under an open end 
consumer credit plan, the term ‘fixed’, when appearing in 
conjunction with a reference to the annual percentage rate 
or interest rate applicable with respect to such account, may 
only be used to refer to an annual percentage rate or inter-
est rate that will not change or vary for any reason over 
the period specified clearly and conspicuously in the terms 
of the account.’’. 
SEC. 104. APPLICATION OF CARD PAYMENTS. 
Section 164 of the Truth in Lending Act (15 U.S.C. 
1666c) is amended— 
(1) by striking the section heading and all that 
follows through ‘‘Payments’’ and inserting the fol-
lowing: 
‘‘§ 164. Prompt and fair crediting of payments 
‘‘(a) IN GENERAL.—Payments’’; 
(2) by inserting ‘‘, by 5:00 p.m. on the date on 
which such payment is due,’’ after ‘‘in readily identi-
fiable form’’; 
(3) by striking ‘‘manner, location, and time’’ 
and inserting ‘‘manner, and location’’; and 
(4) by adding at the end the following:
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‘‘(b) APPLICATION OF PAYMENTS.— 
‘‘(1) IN GENERAL.—Upon receipt of a payment 
from a cardholder, the card issuer shall apply 
amounts in excess of the minimum payment amount 
first to the card balance bearing the highest rate of 
interest, and then to each successive balance bearing 
the next highest rate of interest, until the payment is 
exhausted. 
‘‘(2) CLARIFICATION RELATING TO CERTAIN DE-
FERRED INTEREST ARRANGEMENTS.—A creditor shall 
allocate the entire amount paid by the consumer in 
excess of the minimum payment amount to a balance 
on which interest is deferred during the last 2 billing 
cycles immediately preceding the expiration of the pe-
riod during which interest is deferred. 
‘‘(c) CHANGES BY CARD ISSUER.—If a card issuer 
makes a material change in the mailing address, office, or 
procedures for handling cardholder payments, and such 
change causes a material delay in the crediting of a card-
holder payment made during the 60-day period following 
the date on which such change took effect, the card issuer 
may not impose any late fee or finance charge for a late 
payment on the credit card account to which such payment 
was credited.’’.
† HR 627 EAS 
SEC. 106. RULES REGARDING PERIODIC STATEMENTS. 
(a) IN GENERAL.—Section 127 of the Truth in Lend-
ing Act (15 U.S.C. 1637) is amended by adding at the end 
the following: 
‘‘(o) DUE DATES FOR CREDIT CARD ACCOUNTS.— 
‘‘(1) IN GENERAL.—The payment due date for a 
credit card account under an open end consumer 
credit plan shall be the same day each month. 
‘‘(2) WEEKEND OR HOLIDAY DUE DATES.—If the 
payment due date for a credit card account under an 
open end consumer credit plan is a day on which the 
creditor does not receive or accept payments by mail 
(including weekends and holidays), the creditor may 
not treat a payment received on the next business day 
as late for any purpose.’’. 
(b) LENGTH OF BILLING PERIOD.— 
(1) IN GENERAL.—Section 163 of the Truth in 
Lending Act (15 U.S.C. 1666b) is amended to read as 
follows: 
‘‘SEC. 163. TIMING OF PAYMENTS. 
‘‘(a) TIME TO MAKE PAYMENTS.—A creditor may not 
treat a payment on an open end consumer credit plan as 
late for any purpose, unless the creditor has adopted reason-
able procedures designed to ensure that each periodic state-
ment including the information required by section 127(b)
† HR 627 EAS 
is mailed or delivered to the consumer not later than 21 
days before the payment due date. 
‘‘(b) GRACE PERIOD.—If an open end consumer credit 
plan provides a time period within which an obligor may 
repay any portion of the credit extended without incurring 
an additional finance charge, such additional finance 
charge may not be imposed with respect to such portion 
of the credit extended for the billing cycle of which such 
period is a part, unless a statement which includes the 
amount upon which the finance charge for the period is 
based was mailed or delivered to the consumer not later 
than 21 days before the date specified in the statement by 
which payment must be made in order to avoid imposition 
of that finance charge.’’. 
(2) EFFECTIVE DATE.—Notwithstanding section 
3, section 163 of the Truth in Lending Act, as amend-
ed by this subsection, shall become effective 90 days 
after the date of enactment of this Act. 
(c) CLERICAL AMENDMENTS.—The table of sections for 
chapter 4 of the Truth in Lending Act is amended— 
(1) by striking the item relating to section 163 
and inserting the following: 
‘‘163. Timing of payments.’’; and 
(2) by striking the item relating to section 171 
and inserting the following: 
‘‘171. Universal defaults prohibited.
† HR 627 EAS 
‘‘172. Unilateral changes in credit card agreement prohibited. 
‘‘173. Applicability of State laws.’’. 
SEC. 107. ENHANCED PENALTIES. 
Section 130(a)(2)(A) of the Truth in Lending Act (15 
U.S.C. 1640(a)(2)(A)) is amended by striking ‘‘or (iii) in 
the’’ and inserting the following: ‘‘(iii) in the case of an 
individual action relating to an open end consumer credit 
plan that is not secured by real property or a dwelling, 
twice the amount of any finance charge in connection with 
the transaction, with a minimum of $500 and a maximum 
of $5,000, or such higher amount as may be appropriate 
in the case of an established pattern or practice of such fail-
ures; or (iv) in the’’. 
SEC. 108. CLERICAL AMENDMENTS. 
Section 103(i) of the Truth in Lending Act (15 U.S.C. 
1602(i)) is amended— 
(1) by striking ‘‘term’’ and all that follows 
through ‘‘means’’ and inserting the following: ‘‘terms 
‘open end credit plan’ and ‘open end consumer credit 
plan’ mean’’; and 
(2) in the second sentence, by inserting ‘‘or open 
end consumer credit plan’’ after ‘‘credit plan’’ each 
place that term appears.
† HR 627 EAS 
SEC. 109. CONSIDERATION OF ABILITY TO REPAY. 
(a) IN GENERAL.—Chapter 3 of the Truth in Lending 
Act (15 U.S.C. 1666 et seq.), as amended by this title, is 
amended by adding at the end the following: 
‘‘SEC. 150. CONSIDERATION OF ABILITY TO REPAY. 
‘‘A card issuer may not open any credit card account 
for any consumer under an open end consumer credit plan, 
or increase any credit limit applicable to such account, un-
less the card issuer considers the ability of the consumer 
to make the required payments under the terms of such ac-
count.’’. 
(b) CLERICAL AMENDMENT.—Chapter 3 of the Truth 
in Lending Act (15 U.S.C. 1661 et seq.) is amended in the 
table of sections for the chapter, by adding at the end the 
following: 
‘‘150. Consideration of ability to repay.’’. 
TITLE II—ENHANCED 
CONSUMER DISCLOSURES 
SEC. 201. PAYOFF TIMING DISCLOSURES. 
(a) IN GENERAL.—Section 127(b)(11) of the Truth in 
Lending Act (15 U.S.C. 1637(b)(11)) is amended to read 
as follows: 
‘‘(11)(A) A written statement in the following 
form: ‘Minimum Payment Warning: Making only the 
minimum payment will increase the amount of inter-
est you pay and the time it takes to repay your bal-
† HR 627 EAS 
ance.’, or such similar statement as is established by 
the Board pursuant to consumer testing. 
‘‘(B) Repayment information that would apply 
to the outstanding balance of the consumer under the 
credit plan, including— 
‘‘(i) the number of months (rounded to the 
nearest month) that it would take to pay the en-
tire amount of that balance, if the consumer 
pays only the required minimum monthly pay-
ments and if no further advances are made; 
‘‘(ii) the total cost to the consumer, includ-
ing interest and principal payments, of paying 
that balance in full, if the consumer pays only 
the required minimum monthly payments and if 
no further advances are made; 
‘‘(iii) the monthly payment amount that 
would be required for the consumer to eliminate 
the outstanding balance in 36 months, if no fur-
ther advances are made, and the total cost to the 
consumer, including interest and principal pay-
ments, of paying that balance in full if the con-
sumer pays the balance over 36 months; and 
‘‘(iv) a toll-free telephone number at which 
the consumer may receive information about ac-
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cessing credit counseling and debt management 
services. 
‘‘(C)(i) Subject to clause (ii), in making the dis-
closures under subparagraph (B), the creditor shall 
apply the interest rate or rates in effect on the date 
on which the disclosure is made until the date on 
which the balance would be paid in full. 
‘‘(ii) If the interest rate in effect on the date on 
which the disclosure is made is a temporary rate that 
will change under a contractual provision applying 
an index or formula for subsequent interest rate ad-
justment, the creditor shall apply the interest rate in 
effect on the date on which the disclosure is made for 
as long as that interest rate will apply under that 
contractual provision, and then apply an interest rate 
based on the index or formula in effect on the appli-
cable billing date. 
‘‘(D) All of the information described in sub-
paragraph (B) shall— 
‘‘(i) be disclosed in the form and manner 
which the Board shall prescribe, by regulation, 
and in a manner that avoids duplication; and 
‘‘(ii) be placed in a conspicuous and promi-
nent location on the billing statement.
† HR 627 EAS 
‘‘(E) In the regulations prescribed under sub-
paragraph (D), the Board shall require that the dis-
closure of such information shall be in the form of a 
table that— 
‘‘(i) contains clear and concise headings for 
each item of such information; and 
‘‘(ii) provides a clear and concise form stat-
ing each item of information required to be dis-
closed under each such heading. 
‘‘(F) In prescribing the form of the table under 
subparagraph (E), the Board shall require that— 
‘‘(i) all of the information in the table, and 
not just a reference to the table, be placed on the 
billing statement, as required by this paragraph; 
and 
‘‘(ii) the items required to be included in 
the table shall be listed in the order in which 
such items are set forth in subparagraph (B). 
‘‘(G) In prescribing the form of the table under 
subparagraph (D), the Board shall employ termi-
nology which is different than the terminology which 
is employed in subparagraph (B), if such terminology 
is more easily understood and conveys substantially 
the same meaning.’’.
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(b) CIVIL LIABILITY.—Section 130(a) of the Truth in 
Lending Act (15 U.S.C. 1640(a)) is amended, in the undes-
ignated paragraph following paragraph (4), by striking the 
second sentence and inserting the following: ‘‘In connection 
with the disclosures referred to in subsections (a) and (b) 
of section 127, a creditor shall have a liability determined 
under paragraph (2) only for failing to comply with the 
requirements of section 125, 127(a), or any of paragraphs 
(4) through (13) of section 127(b), or for failing to comply 
with disclosure requirements under State law for any term 
or item that the Board has determined to be substantially 
the same in meaning under section 111(a)(2) as any of the 
terms or items referred to in section 127(a), or any of para-
graphs (4) through (13) of section 127(b).’’. 
(c) GUIDELINES REQUIRED.— 
(1) IN GENERAL.—Not later than 6 months after 
the date of enactment of this Act, the Board shall 
issue guidelines, by rule, in consultation with the Sec-
retary of the Treasury, for the establishment and 
maintenance by creditors of a toll-free telephone num-
ber for purposes of providing information about ac-
cessing credit counseling and debt management serv-
ices, as required under section 127(b)(11)(B)(iv) of 
the Truth in Lending Act, as added by this section.
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(2) APPROVED
AGENCIES.—Guidelines issued 
under this subsection shall ensure that referrals pro-
vided by the toll-free number referred to in paragraph 
(1) include only those nonprofit budget and credit 
counseling agencies approved by a United States 
bankruptcy trustee pursuant to section 111(a) of title 
11, United States Code. 
SEC. 202. REQUIREMENTS RELATING TO LATE PAYMENT 
DEADLINES AND PENALTIES. 
Section 127(b)(12) of the Truth in Lending Act (15 
U.S.C. 1637(b)(12)) is amended to read as follows: 
‘‘(12) REQUIREMENTS RELATING TO LATE PAY-
MENT DEADLINES AND PENALTIES.— 
‘‘(A) LATE PAYMENT DEADLINE REQUIRED 
TO BE DISCLOSED.—In the case of a credit card 
account under an open end consumer credit plan 
under which a late fee or charge may be imposed 
due to the failure of the obligor to make payment 
on or before the due date for such payment, the 
periodic statement required under subsection (b) 
with respect to the account shall include, in a 
conspicuous location on the billing statement, the 
date on which the payment is due or, if different, 
the date on which a late payment fee will be 
charged, together with the amount of the fee or
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charge to be imposed if payment is made after 
that date. 
‘‘(B) DISCLOSURE OF INCREASE IN INTER-
EST RATES FOR LATE PAYMENTS.—If 1 or more 
late payments under an open end consumer cred-
it plan may result in an increase in the annual 
percentage rate applicable to the account, the 
statement required under subsection (b) with re-
spect to the account shall include conspicuous 
notice of such fact, together with the applicable 
penalty annual percentage rate, in close prox-
imity to the disclosure required under subpara-
graph (A) of the date on which payment is due 
under the terms of the account. 
‘‘(C) PAYMENTS AT LOCAL BRANCHES.—If 
the creditor, in the case of a credit card account 
referred to in subparagraph (A), is a financial 
institution which maintains branches or offices 
at which payments on any such account are ac-
cepted from the obligor in person, the date on 
which the obligor makes a payment on the ac-
count at such branch or office shall be considered 
to be the date on which the payment is made for 
purposes of determining whether a late fee or 
charge may be imposed due to the failure of the
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obligor to make payment on or before the due 
date for such payment.’’. 
SEC. 203. RENEWAL DISCLOSURES. 
Section 127(d) of the Truth in Lending Act (15 U.S.C. 
1637(d)) is amended— 
(1) by striking paragraph (2); 
(2) by redesignating paragraph (3) as para-
graph (2); and 
(3) in paragraph (1), by striking ‘‘Except as 
provided in paragraph (2), a card issuer’’ and insert-
ing the following: ‘‘A card issuer that has changed or 
amended any term of the account since the last re-
newal that has not been previously disclosed or’’. 
SEC. 204. INTERNET POSTING OF CREDIT CARD AGREE-
MENTS. 
(a) IN GENERAL.—Section 122 of the Truth and Lend-
ing Act (15 U.S.C. 1632) is amended by adding at the end 
the following new subsection: 
‘‘(d) ADDITIONAL ELECTRONIC DISCLOSURES.— 
‘‘(1) POSTING
AGREEMENTS.—Each creditor 
shall establish and maintain an Internet site on 
which the creditor shall post the written agreement 
between the creditor and the consumer for each credit 
card account under an open-end consumer credit 
plan.
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‘‘(2) CREDITOR TO PROVIDE CONTRACTS TO THE 
BOARD.—Each creditor shall provide to the Board, in 
electronic format, the consumer credit card agree-
ments that it publishes on its Internet site. 
‘‘(3) RECORD REPOSITORY.—The Board shall es-
tablish and maintain on its publicly available Inter-
net site a central repository of the consumer credit 
card agreements received from creditors pursuant to 
this subsection, and such agreements shall be easily 
accessible and retrievable by the public. 
‘‘(4) EXCEPTION.—This subsection shall not 
apply to individually negotiated changes to contrac-
tual terms, such as individually modified workouts or 
renegotiations of amounts owed by a consumer under 
an open end consumer credit plan. 
‘‘(5) REGULATIONS.—The Board, in consultation 
with the other Federal banking agencies (as that term 
is defined in section 603) and the Federal Trade 
Commission, may promulgate regulations to imple-
ment this subsection, including specifying the format 
for posting the agreements on the Internet sites of 
creditors and establishing exceptions to paragraphs 
(1) and (2), in any case in which the administrative 
burden outweighs the benefit of increased trans-
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parency, such as where a credit card plan has a de 
minimis number of consumer account holders.’’. 
SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF 
CREDIT REPORTS. 
(a) PREVENTING DECEPTIVE MARKETING.—Section 
612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is 
amended by adding at the end the following: 
‘‘(g) PREVENTION
OF DECEPTIVE MARKETING
OF 
CREDIT REPORTS.— 
‘‘(1) IN GENERAL.—Subject to rulemaking pur-
suant to section 205(b) of the Credit CARD Act of 
2009, any advertisement for a free credit report in 
any medium shall prominently disclose in such adver-
tisement that free credit reports are available under 
Federal law at: ‘AnnualCreditReport.com’ (or such 
other source as may be authorized under Federal 
law). 
‘‘(2) TELEVISION AND RADIO ADVERTISEMENT.— 
In the case of an advertisement broadcast by tele-
vision, the disclosures required under paragraph (1) 
shall be included in the audio and visual part of such 
advertisement. In the case of an advertisement broad-
cast by televison or radio, the disclosure required 
under paragraph (1) shall consist only of the fol-
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lowing: ‘This is not the free credit report provided for 
by Federal law’.’’. 
(b) RULEMAKING.— 
(1) IN GENERAL.—Not later than 9 months after 
the date of enactment of this Act, the Federal Trade 
Commission shall issue a final rule to carry out this 
section. 
(2) CONTENT.—The rule required by this sub-
section— 
(A) shall include specific wording to be used 
in advertisements in accordance with this sec-
tion; and 
(B) for advertisements on the Internet, shall 
include whether the disclosure required under 
section 612(g)(1) of the Fair Credit Reporting 
Act (as added by this section) shall appear on 
the advertisement or the website on which the 
free credit report is made available. 
(3) INTERIM DISCLOSURES.—If an advertisement 
subject to section 612(g) of the Fair Credit Reporting 
Act, as added by this section, is made public after the 
9-month deadline specified in paragraph (1), but be-
fore the rule required by paragraph (1) is finalized, 
such advertisement shall include the disclosure: ‘‘Free
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credit reports are available under Federal law at: 
‘AnnualCreditReport.com’.’’. 
TITLE III—PROTECTION OF 
YOUNG CONSUMERS 
SEC. 301. EXTENSIONS OF CREDIT TO UNDERAGE CON-
SUMERS. 
Section 127(c) of the Truth in Lending Act (15 U.S.C. 
1637(c)) is amended by adding at the end the following: 
‘‘(8) APPLICATIONS
FROM
UNDERAGE
CON-
SUMERS.— 
‘‘(A) PROHIBITION ON ISSUANCE.—No cred-
it card may be issued to, or open end consumer 
credit plan established by or on behalf of, a con-
sumer who has not attained the age of 21, unless 
the consumer has submitted a written applica-
tion to the card issuer that meets the require-
ments of subparagraph (B). 
‘‘(B) 
APPLICATION
REQUIREMENTS.—An 
application to open a credit card account by a 
consumer who has not attained the age of 21 as 
of the date of submission of the application shall 
require— 
‘‘(i) the signature of a cosigner, includ-
ing the parent, legal guardian, spouse, or 
any other individual who has attained the
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age of 21 having a means to repay debts in-
curred by the consumer in connection with 
the account, indicating joint liability for 
debts incurred by the consumer in connec-
tion with the account before the consumer 
has attained the age of 21; or 
‘‘(ii) submission by the consumer of fi-
nancial information, including through an 
application, indicating an independent 
means of repaying any obligation arising 
from the proposed extension of credit in 
connection with the account. 
‘‘(C) SAFE HARBOR.—The Board shall pro-
mulgate regulations providing standards that, if 
met, would satisfy the requirements of subpara-
graph (B)(ii).’’. 
SEC. 302. PROTECTION OF YOUNG CONSUMERS FROM 
PRESCREENED CREDIT OFFERS. 
Section 604(c)(1)(B) of the Fair Credit Reporting Act 
(15 U.S.C. 1681b(c)(1)(B)) is amended— 
(1) in clause (ii), by striking ‘‘and’’ at the end; 
and 
(2) in clause (iii), by striking the period at the 
end and inserting the following: ‘‘; and
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‘‘(iv) the consumer report does not contain 
a date of birth that shows that the consumer has 
not attained the age of 21, or, if the date of birth 
on the consumer report shows that the consumer 
has not attained the age of 21, such consumer 
consents to the consumer reporting agency to 
such furnishing.’’. 
SEC. 303. ISSUANCE OF CREDIT CARDS TO CERTAIN COL-
LEGE STUDENTS. 
Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following new 
subsection: 
‘‘(p) PARENTAL APPROVAL REQUIRED TO INCREASE 
CREDIT LINES FOR ACCOUNTS FOR WHICH PARENT IS 
JOINTLY LIABLE.—No increase may be made in the amount 
of credit authorized to be extended under a credit card ac-
count for which a parent, legal guardian, or spouse of the 
consumer, or any other individual has assumed joint liabil-
ity for debts incurred by the consumer in connection with 
the account before the consumer attains the age of 21, unless 
that parent, guardian, or spouse approves in writing, and 
assumes joint liability for, such increase.’’. 
SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS. 
Section 140 of the Truth in Lending Act (15 U.S.C. 
1650) is amended by adding at the end the following:
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tify the institution of the location at which such 
marketing will take place. 
‘‘(B) That the number of locations on the 
campus of such institution at which the mar-
keting of credit cards takes place be limited. 
‘‘(C) That credit card and debt education 
and counseling sessions be offered as a regular 
part of any orientation program for new stu-
dents of such institution.’’. 
SEC. 305. COLLEGE CREDIT CARD AGREEMENTS. 
(a) IN GENERAL.—Section 127 of the Truth in Lend-
ing Act (15 U.S.C. 1637), as otherwise amended by this 
Act, is amended by adding at the end the following: 
‘‘(r) COLLEGE CARD AGREEMENTS.— 
‘‘(1) DEFINITIONS.—For purposes of this sub-
section, the following definitions shall apply: 
‘‘(A) COLLEGE AFFINITY CARD.—The term 
‘college affinity card’ means a credit card issued 
by a credit card issuer under an open end con-
sumer credit plan in conjunction with an agree-
ment between the issuer and an institution of 
higher education, or an alumni organization or 
foundation affiliated with or related to such in-
stitution, under which such cards are issued to
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college students who have an affinity with such 
institution, organization and— 
‘‘(i) the creditor has agreed to donate 
a portion of the proceeds of the credit card 
to the institution, organization, or founda-
tion (including a lump sum or 1-time pay-
ment of money for access); 
‘‘(ii) the creditor has agreed to offer 
discounted terms to the consumer; or 
‘‘(iii) the credit card bears the name, 
emblem, mascot, or logo of such institution, 
organization, or foundation, or other words, 
pictures, or symbols readily identified with 
such institution, organization, or founda-
tion. 
‘‘(B) COLLEGE STUDENT CREDIT CARD AC-
COUNT.—The term ‘college student credit card 
account’ means a credit card account under an 
open end consumer credit plan established or 
maintained for or on behalf of any college stu-
dent. 
‘‘(C) COLLEGE STUDENT.—The term ‘college 
student’ means an individual who is a full-time 
or a part-time student attending an institution 
of higher education.
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‘‘(D) 
INSTITUTION
OF
HIGHER
EDU-
CATION.—The term ‘institution of higher edu-
cation’ has the same meaning as in section 101 
and 102 of the Higher Education Act of 1965 
(20 U.S.C. 1001 and 1002). 
‘‘(2) REPORTS BY CREDITORS.— 
‘‘(A) IN GENERAL.—Each creditor shall sub-
mit an annual report to the Board containing 
the terms and conditions of all business, mar-
keting, and promotional agreements and college 
affinity card agreements with an institution of 
higher education, or an alumni organization or 
foundation affiliated with or related to such in-
stitution, with respect to any college student 
credit card issued to a college student at such in-
stitution. 
‘‘(B) DETAILS OF REPORT.—The informa-
tion required to be reported under subparagraph 
(A) includes— 
‘‘(i) any memorandum of under-
standing between or among a creditor, an 
institution of higher education, an alumni 
association, or foundation that directly or 
indirectly relates to any aspect of any 
agreement referred to in such subparagraph
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or controls or directs any obligations or dis-
tribution of benefits between or among any 
such entities; 
‘‘(ii) the amount of any payments from 
the creditor to the institution, organization, 
or foundation during the period covered by 
the report, and the precise terms of any 
agreement under which such amounts are 
determined; and 
‘‘(iii) the number of credit card ac-
counts covered by any such agreement that 
were opened during the period covered by 
the report, and the total number of credit 
card accounts covered by the agreement that 
were outstanding at the end of such period. 
‘‘(C) AGGREGATION BY INSTITUTION.—The 
information required to be reported under sub-
paragraph (A) shall be aggregated with respect 
to each institution of higher education or alumni 
organization or foundation affiliated with or re-
lated to such institution. 
‘‘(D) INITIAL REPORT.—The initial report 
required under subparagraph (A) shall be sub-
mitted to the Board before the end of the 9-month
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period beginning on the date of enactment of this 
subsection. 
‘‘(3) REPORTS BY BOARD.—The Board shall sub-
mit to the Congress, and make available to the public, 
an annual report that lists the information con-
cerning credit card agreements submitted to the 
Board under paragraph (2) by each institution of 
higher education, alumni organization, or founda-
tion.’’. 
(b) STUDY AND REPORT BY THE COMPTROLLER GEN-
ERAL.— 
(1) STUDY.—The Comptroller General of the 
United States shall, from time to time, review the re-
ports submitted by creditors under section 127(r) of 
the Truth in Lending Act, as added by this section, 
and the marketing practices of creditors to determine 
the impact that college affinity card agreements and 
college student card agreements have on credit card 
debt. 
(2) REPORT.—Upon completion of any study 
under paragraph (1), the Comptroller General shall 
periodically submit a report to the Congress on the 
findings and conclusions of the study, together with 
such recommendations for administrative or legisla-
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tive action as the Comptroller General determines to 
be appropriate. 
TITLE IV—GIFT CARDS 
SEC. 401. GENERAL-USE PREPAID CARDS, GIFT CERTIFI-
CATES, AND STORE GIFT CARDS. 
The Electronic Fund Transfer Act (15 U.S.C. 1693 et 
seq.) is amended— 
(1) by redesignating sections 915 through 921 as 
sections 916 through 922, respectively; and 
(2) by inserting after section 914 the following: 
‘‘SEC. 915. GENERAL-USE PREPAID CARDS, GIFT CERTIFI-
CATES, AND STORE GIFT CARDS. 
‘‘(a) DEFINITIONS.—In this section, the following defi-
nitions shall apply: 
‘‘(1) DORMANCY
FEE; INACTIVITY
CHARGE
OR 
FEE.—The terms ‘dormancy fee’ and ‘inactivity 
charge or fee’ mean a fee, charge, or penalty for non- 
use or inactivity of a gift certificate, store gift card, 
or general-use prepaid card. 
‘‘(2) GENERAL USE PREPAID CARD, GIFT CER-
TIFICATE, AND STORE GIFT CARD.— 
‘‘(A) GENERAL-USE
PREPAID
CARD.—The 
term ‘general-use prepaid card’ means a card or 
other payment code or device issued by any per-
son that is—
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‘‘(i) redeemable at multiple, unaffili-
ated merchants or service providers, or 
automated teller machines; 
‘‘(ii) issued in a requested amount, 
whether or not that amount may, at the op-
tion of the issuer, be increased in value or 
reloaded if requested by the holder; 
‘‘(iii) purchased or loaded on a pre-
paid basis; and 
‘‘(iv) honored, upon presentation, by 
merchants for goods or services, or at auto-
mated teller machines. 
‘‘(B) GIFT
CERTIFICATE.—The term ‘gift 
certificate’ means an electronic promise that is— 
‘‘(i) redeemable at a single merchant or 
an affiliated group of merchants that share 
the same name, mark, or logo; 
‘‘(ii) issued in a specified amount that 
may not be increased or reloaded; 
‘‘(iii) purchased on a prepaid basis in 
exchange for payment; and 
‘‘(iv) honored upon presentation by 
such single merchant or affiliated group of 
merchants for goods or services.
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‘‘(C) STORE GIFT CARD.—The term ‘store 
gift card’ means an electronic promise, plastic 
card, or other payment code or device that is— 
‘‘(i) redeemable at a single merchant or 
an affiliated group of merchants that share 
the same name, mark, or logo; 
‘‘(ii) issued in a specified amount, 
whether or not that amount may be in-
creased in value or reloaded at the request 
of the holder; 
‘‘(iii) purchased on a prepaid basis in 
exchange for payment; and 
‘‘(iv) honored upon presentation by 
such single merchant or affiliated group of 
merchants for goods or services. 
‘‘(D) EXCLUSIONS.—The terms ‘general-use 
prepaid card’, ‘gift certificate’, and ‘store gift 
card’ do not include an electronic promise, plas-
tic card, or payment code or device that is— 
‘‘(i) used solely for telephone services; 
‘‘(ii) reloadable and not marketed or 
labeled as a gift card or gift certificate; 
‘‘(iii) a loyalty, award, or promotional 
gift card, as defined by the Board;
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‘‘(iv) not marketed to the general pub-
lic; 
‘‘(v) issued in paper form only (includ-
ing for tickets and events); or 
‘‘(vi) redeemable solely for admission 
to events or venues at a particular location 
or group of affiliated locations, which may 
also include services or goods obtainable— 
‘‘(I) at the event or venue after 
admission; or 
‘‘(II) in conjunction with admis-
sion to such events or venues, at spe-
cific locations affiliated with and in 
geographic proximity to the event or 
venue. 
‘‘(3) SERVICE FEE.— 
‘‘(A) IN GENERAL.—The term ‘service fee’ 
means a periodic fee, charge, or penalty for hold-
ing or use of a gift certificate, store gift card, or 
general-use prepaid card. 
‘‘(B) EXCLUSION.—With respect to a gen-
eral-use prepaid card, the term ‘service fee’ does 
not include a one-time initial issuance fee. 
‘‘(b) PROHIBITION
ON
IMPOSITION
OF
FEES
OR 
CHARGES.—
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‘‘(1) IN GENERAL.—Except as provided under 
paragraphs (2) through (4), it shall be unlawful for 
any person to impose a dormancy fee, an inactivity 
charge or fee, or a service fee with respect to a gift 
certificate, store gift card, or general-use prepaid 
card. 
‘‘(2) EXCEPTIONS.—A dormancy fee, inactivity 
charge or fee, or service fee may be charged with re-
spect to a gift certificate, store gift card, or general- 
use prepaid card, if— 
‘‘(A) there has been no activity with respect 
to the certificate or card in the 12-month period 
ending on the date on which the charge or fee is 
imposed; 
‘‘(B) the disclosure requirements of para-
graph (3) have been met; 
‘‘(C) not more than one fee may be charged 
in any given month; and 
‘‘(D) any additional requirements that the 
Board may establish through rulemaking under 
subsection (d) have been met. 
‘‘(3) DISCLOSURE REQUIREMENTS.—The disclo-
sure requirements of this paragraph are met if—
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‘‘(A) the gift certificate, store gift card, or 
general-use prepaid card clearly and conspicu-
ously states— 
‘‘(i) that a dormancy fee, inactivity 
charge or fee, or service fee may be charged; 
‘‘(ii) the amount of such fee or charge; 
‘‘(iii) how often such fee or charge may 
be assessed; and 
‘‘(iv) that such fee or charge may be 
assessed for inactivity; and 
‘‘(B) the issuer or vendor of such certificate 
or card informs the purchaser of such charge or 
fee before such certificate or card is purchased, 
regardless of whether the certificate or card is 
purchased in person, over the Internet, or by 
telephone. 
‘‘(4) EXCLUSION.—The prohibition under para-
graph (1) shall not apply to any gift certificate— 
‘‘(A) that is distributed pursuant to an 
award, loyalty, or promotional program, as de-
fined by the Board; and 
‘‘(B) with respect to which, there is no 
money or other value exchanged. 
‘‘(c) PROHIBITION ON SALE OF GIFT CARDS WITH EX-
PIRATION DATES.—
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‘‘(1) IN GENERAL.—Except as provided under 
paragraph (2), it shall be unlawful for any person to 
sell or issue a gift certificate, store gift card, or gen-
eral-use prepaid card that is subject to an expiration 
date. 
‘‘(2) EXCEPTIONS.—A gift certificate, store gift 
card, or general-use prepaid card may contain an ex-
piration date if— 
‘‘(A) the expiration date is not earlier than 
5 years after the date on which the gift certifi-
cate was issued, or the date on which card funds 
were last loaded to a store gift card or general- 
use prepaid card; and 
‘‘(B) the terms of expiration are clearly and 
conspicuously stated. 
‘‘(d) ADDITIONAL RULEMAKING.— 
‘‘(1) IN GENERAL.—The Board shall— 
‘‘(A) prescribe regulations to carry out this 
section, in addition to any other rules or regula-
tions required by this title, including such addi-
tional requirements as appropriate relating to 
the amount of dormancy fees, inactivity charges 
or fees, or service fees that may be assessed and 
the amount of remaining value of a gift certifi-
cate, store gift card, or general-use prepaid card
† HR 627 EAS 
below which such charges or fees may be assessed; 
and 
‘‘(B) shall determine the extent to which the 
individual definitions and provisions of the Elec-
tronic Fund Transfer Act or Regulation E 
should apply to general-use prepaid cards, gift 
certificates, and store gift cards. 
‘‘(2) CONSULTATION.—In prescribing regulations 
under this subsection, the Board shall consult with the 
Federal Trade Commission. 
‘‘(3) TIMING; EFFECTIVE DATE.—The regulations 
required by this subsection shall be issued in final 
form not later than 9 months after the date of enact-
ment of the Credit CARD Act of 2009.’’. 
SEC. 402. RELATION TO STATE LAWS. 
Section 920 of the Electronic Fund Transfer Act (as 
redesignated by this title) is amended by inserting ‘‘dor-
mancy fees, inactivity charges or fees, service fees, or expira-
tion dates of gift certificates, store gift cards, or general- 
use prepaid cards,’’ after ‘‘electronic fund transfers,’’. 
SEC. 403. EFFECTIVE DATE. 
This title and the amendments made by this title shall 
become effective 15 months after the date of enactment of 
this Act.
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TITLE V—MISCELLANEOUS 
PROVISIONS 
SEC. 501. STUDY AND REPORT ON INTERCHANGE FEES. 
(a) STUDY REQUIRED.—The Comptroller General of 
the United States (in this section referred to as the ‘‘Comp-
troller’’) shall conduct a study on use of credit by con-
sumers, interchange fees, and their effects on consumers and 
merchants. 
(b) SUBJECTS FOR REVIEW.—In conducting the study 
required by this section, the Comptroller shall review— 
(1) the extent to which interchange fees are re-
quired to be disclosed to consumers and merchants, 
whether merchants are restricted from disclosing 
interchange or merchant discount fees, and how such 
fees are overseen by the Federal banking agencies or 
other regulators; 
(2) the ways in which the interchange system af-
fects the ability of merchants of varying size to nego-
tiate pricing with card associations and banks; 
(3) the costs and factors incorporated into inter-
change fees, such as advertising, bonus miles, and re-
wards, how such costs and factors vary among cards; 
(4) the consequences of the undisclosed nature of 
interchange fees on merchants and consumers with re-
gard to prices charged for goods and services;
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(5) how merchant discount fees compare to the 
credit losses and other costs that merchants incur to 
operate their own credit networks or store cards; 
(6) the extent to which the rules of payment card 
networks and their policies regarding interchange fees 
are accessible to merchants; 
(7) other jurisdictions where the central bank has 
regulated interchange fees and the impact on retail 
prices to consumers in such jurisdictions; 
(8) whether and to what extent merchants are 
permitted to discount for cash; and 
(9) the extent to which interchange fees allow 
smaller financial institutions and credit unions to 
offer payment cards and compete against larger fi-
nancial institutions. 
(c) REPORT REQUIRED.—Not later than 180 days 
after the date of enactment of this Act, the Comptroller shall 
submit a report to the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on Fi-
nancial Services of the House of Representatives containing 
a detailed summary of the findings and conclusions of the 
study required by this section, together with such rec-
ommendations for legislative or administrative actions as 
may be appropriate.
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SEC. 502. BOARD REVIEW OF CONSUMER CREDIT PLANS 
AND REGULATIONS. 
(a) REQUIRED REVIEW.—Not later than 2 years after 
the effective date of this Act and every 2 years thereafter, 
except as provided in subsection (c)(2), the Board shall con-
duct a review, within the limits of its existing resources 
available for reporting purposes, of the consumer credit card 
market, including— 
(1) the terms of credit card agreements and the 
practices of credit card issuers; 
(2) the effectiveness of disclosure of terms, fees, 
and other expenses of credit card plans; 
(3) the adequacy of protections against unfair or 
deceptive acts or practices relating to credit card 
plans; and 
(4) whether or not, and to what extent, the im-
plementation of this Act and the amendments made 
by this Act has affected— 
(A) cost and availability of credit, particu-
larly with respect to non-prime borrowers; 
(B) the safety and soundness of credit card 
issuers; 
(C) the use of risk-based pricing; or 
(D) credit card product innovation. 
(b) SOLICITATION OF PUBLIC COMMENT.—In connec-
tion with conducting the review required by subsection (a),
† HR 627 EAS 
the Board shall solicit comment from consumers, credit card 
issuers, and other interested parties, such as through hear-
ings or written comments. 
(c) REGULATIONS.— 
(1) NOTICE.—Following the review required by 
subsection (a), the Board shall publish a notice in the 
Federal Register that— 
(A) summarizes the review, the comments 
received from the public solicitation, and other 
evidence gathered by the Board, such as through 
consumer testing or other research; and 
(B) either— 
(i) proposes new or revised regulations 
or interpretations to update or revise disclo-
sures and protections for consumer credit 
cards, as appropriate; or 
(ii) states the reason for the determina-
tion of the Board that new or revised regu-
lations are not necessary. 
(2) REVISION
OF
REVIEW
PERIOD
FOLLOWING 
MATERIAL REVISION OF REGULATIONS.—In the event 
that the Board materially revises regulations on con-
sumer credit card plans, a review need not be con-
ducted until 2 years after the effective date of the re-
vised regulations, which thereafter shall be treated as
† HR 627 EAS 
the new date for the biennial review required by sub-
section (a). 
(d) BOARD REPORT TO THE CONGRESS.—The Board 
shall report to Congress not less frequently than every 2 
years, except as provided in subsection (c)(2), on the status 
of its most recent review, its efforts to address any issues 
identified from the review, and any recommendations for 
legislation. 
(e) ADDITIONAL REPORTING.—The Federal banking 
agencies (as that term is defined in section 3 of the Federal 
Deposit Insurance Act) and the Federal Trade Commission 
shall provide annually to the Board, and the Board shall 
include in its annual report to Congress under section 10 
of the Federal Reserve Act, information about the super-
visory and enforcement activities of the agencies with re-
spect to compliance by credit card issuers with applicable 
Federal consumer protection statutes and regulations, in-
cluding— 
(1) this Act, the amendments made by this Act, 
and regulations prescribed under this Act and such 
amendments; and 
(2) section 5 of the Federal Trade Commission 
Act, and regulations prescribed under the Federal 
Trade Commission Act, including part 227 of title 12
† HR 627 EAS 
of the Code of Federal Regulations, as prescribed by 
the Board (referred to as ‘‘Regulation AA’’). 
SEC. 503. STORED VALUE. 
(a) IN GENERAL.—Not later than 270 days after the 
date of enactment of this Act, the Secretary of the Treasury, 
in consultation with the Secretary of Homeland Security, 
shall issue regulations in final form implementing the Bank 
Secrecy Act, regarding the sale, issuance, redemption, or 
international transport of stored value, including stored 
value cards. 
(b) CONSIDERATION
OF
INTERNATIONAL
TRANS-
PORT.—Regulations under this section regarding inter-
national transport of stored value may include reporting 
requirements pursuant to section 5316 of title 31, United 
States Code. 
(c) EMERGING METHODS
FOR TRANSMITTAL
AND 
STORAGE IN ELECTRONIC FORM.—Regulations under this 
section shall take into consideration current and future 
needs and methodologies for transmitting and storing value 
in electronic form. 
SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ES-
TATES OF DECEDENT OBLIGORS. 
(a) IN GENERAL.—Chapter 2 of the Truth in Lending 
Act ( U.S.C. 1631 et seq.) is amended by adding at the 
end the following new section:
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‘‘§ 140A Procedure for timely settlement of estates of 
decedent obligors 
‘‘The Board, in consultation with the Federal Trade 
Commission and each other agency referred to in section 
108(a), shall prescribe regulations to require any creditor, 
with respect to any credit card account under an open end 
consumer credit plan, to establish procedures to ensure that 
any administrator of an estate of any deceased obligor with 
respect to such account can resolve outstanding credit bal-
ances in a timely manner.’’. 
(b) CLERICAL AMENDMENT.—The table of sections for 
chapter 2 of the Truth in Lending Act is amended by insert-
ing after the item relating to section 140 the following new 
item: 
‘‘140A. Procedure for timely settlement of estates of decedent obligors’.’’. 
SEC. 505. REPORT TO CONGRESS ON REDUCTIONS OF CON-
SUMER CREDIT CARD LIMITS BASED ON CER-
TAIN INFORMATION AS TO EXPERIENCE OR 
TRANSACTIONS OF THE CONSUMER. 
(a) REPORT ON CREDITOR PRACTICES REQUIRED.— 
Before the end of the 1-year period beginning on the date 
of enactment of this Act, the Board, in consultation with 
the Comptroller of the Currency, the Director of the Office 
of Thrift Supervision, the Federal Deposit Insurance Cor-
poration, the National Credit Union Administration 
Board, and the Federal Trade Commission, shall submit a
† HR 627 EAS 
report to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate on the extent to which, 
during the 3-year period ending on such date of enactment, 
creditors have reduced credit limits or raised interest rates 
applicable to credit card accounts under open end consumer 
credit plans based on— 
(1) the geographic location where a credit trans-
action with the consumer took place, or the identity 
of the merchant involved in the transaction; 
(2) the credit transactions of the consumer, in-
cluding the type of credit transaction, the type of 
items purchased in such transaction, the price of 
items purchased in such transaction, any change in 
the type or price of items purchased in such trans-
actions, and other data pertaining to the use of such 
credit card account by the consumer; and 
(3) the identity of the mortgage creditor which 
extended or holds the mortgage loan secured by the 
primary residence of the consumer. 
(b) OTHER INFORMATION.—The report required under 
subsection (a) shall also include— 
(1) the number of creditors that have engaged in 
the practices described in subsection (a);
† HR 627 EAS 
(2) the extent to which the practices described in 
subsection (a) have an adverse impact on minority or 
low-income consumers; 
(3) any other relevant information regarding 
such practices; and 
(4) recommendations to the Congress on any reg-
ulatory or statutory changes that may be needed to 
restrict or prevent such practices. 
SEC. 506. BOARD REVIEW OF SMALL BUSINESS CREDIT 
PLANS AND RECOMMENDATIONS. 
(a) REQUIRED REVIEW.—Not later than 9 months 
after the date of enactment of this Act, the Board shall con-
duct a review of the use of credit cards by businesses with 
not more than 50 employees (in this section referred to as 
‘‘small businesses’’) and the credit card market for small 
businesses, including— 
(1) the terms of credit card agreements for small 
businesses and the practices of credit card issuers re-
lating to small businesses; 
(2) the adequacy of disclosures of terms, fees, and 
other expenses of credit card plans for small busi-
nesses; 
(3) the adequacy of protections against unfair or 
deceptive acts or practices relating to credit card 
plans for small businesses;
† HR 627 EAS 
(4) the cost and availability of credit for small 
businesses, particularly with respect to non-prime 
borrowers; 
(5) the use of risk-based pricing for small busi-
nesses; 
(6) credit card product innovation relating to 
small businesses; and 
(7) the extent to which small business owners use 
personal credit cards to fund their business oper-
ations. 
(b) RECOMMENDATIONS.—Following the review re-
quired by subsection (a), the Board shall, not later than 
12 months after the date of enactment of this Act— 
(1) provide a report to Congress that summarizes 
the review and other evidence gathered by the Board, 
such as through consumer testing or other research, 
and 
(2) make recommendations for administrative or 
legislative initiatives to provide protections for credit 
card plans for small businesses, as appropriate. 
SEC. 507. SMALL BUSINESS INFORMATION SECURITY TASK 
FORCE. 
(a) DEFINITIONS.—In this section—
† HR 627 EAS 
(1) the terms ‘‘Administration’’ and ‘‘Adminis-
trator’’ mean the Small Business Administration and 
the Administrator thereof, respectively; 
(2) the term ‘‘small business concern’’ has the 
same meaning as in section 3 of the Small Business 
Act (15 U.S.C. 632); and 
(3) the term ‘‘task force’’ means the task force es-
tablished under subsection (b). 
(b) ESTABLISHMENT.—The Administrator shall, in 
conjunction with the Secretary of Homeland Security, es-
tablish a task force, to be known as the ‘‘Small Business 
Information Security Task Force’’, to address the informa-
tion technology security needs of small business concerns 
and to help small business concerns prevent the loss of credit 
card data. 
(c) DUTIES.—The task force shall— 
(1) identify— 
(A) the information technology security 
needs of small business concerns; and 
(B) the programs and services provided by 
the Federal Government, State Governments, and 
nongovernment organizations that serve those 
needs;
† HR 627 EAS 
(2) assess the extent to which the programs and 
services identified under paragraph (1)(B) serve the 
needs identified under paragraph (1)(A); 
(3) make recommendations to the Administrator 
on how to more effectively serve the needs identified 
under paragraph (1)(A) through— 
(A) programs and services identified under 
paragraph (1)(B); and 
(B) new programs and services promoted by 
the task force; 
(4) make recommendations on how the Adminis-
trator may promote— 
(A) new programs and services that the task 
force recommends under paragraph (3)(B); and 
(B) programs and services identified under 
paragraph (1)(B); 
(5) make recommendations on how the Adminis-
trator may inform and educate with respect to— 
(A) the needs identified under paragraph 
(1)(A); 
(B) new programs and services that the task 
force recommends under paragraph (3)(B); and 
(C) programs and services identified under 
paragraph (1)(B);
† HR 627 EAS 
(6) make recommendations on how the Adminis-
trator may more effectively work with public and pri-
vate interests to address the information technology 
security needs of small business concerns; and 
(7) make recommendations on the creation of a 
permanent advisory board that would make rec-
ommendations to the Administrator on how to ad-
dress the information technology security needs of 
small business concerns. 
(d) INTERNET WEBSITE RECOMMENDATIONS.—The 
task force shall make recommendations to the Administrator 
relating to the establishment of an Internet website to be 
used by the Administration to receive and dispense infor-
mation and resources with respect to the needs identified 
under subsection (c)(1)(A) and the programs and services 
identified under subsection (c)(1)(B). As part of the rec-
ommendations, the task force shall identify the Internet sites 
of appropriate programs, services, and organizations, both 
public and private, to which the Internet website should 
link. 
(e) EDUCATION PROGRAMS.—The task force shall make 
recommendations to the Administrator relating to devel-
oping additional education materials and programs with 
respect to the needs identified under subsection (c)(1)(A).
† HR 627 EAS 
(f) EXISTING MATERIALS.—The task force shall orga-
nize and distribute existing materials that inform and edu-
cate with respect to the needs identified under subsection 
(c)(1)(A) and the programs and services identified under 
subsection (c)(1)(B). 
(g) COORDINATION WITH PUBLIC AND PRIVATE SEC-
TOR.—In carrying out its responsibilities under this sec-
tion, the task force shall coordinate with, and may accept 
materials and assistance as it determines appropriate from, 
public and private entities, including— 
(1) any subordinate officer of the Administrator; 
(2) any organization authorized by the Small 
Business Act to provide assistance and advice to 
small business concerns; 
(3) other Federal agencies, their officers, or em-
ployees; and 
(4) any other organization, entity, or person not 
described in paragraph (1), (2), or (3). 
(h) APPOINTMENT OF MEMBERS.— 
(1) CHAIRPERSON AND VICE-CHAIRPERSON.—The 
task force shall have— 
(A) a Chairperson, appointed by the Ad-
ministrator; and 
(B) a Vice-Chairperson, appointed by the 
Administrator, in consultation with appropriate
† HR 627 EAS 
nongovernmental organizations, entities, or per-
sons. 
(2) MEMBERS.— 
(A) 
CHAIRPERSON
AND
VICE-CHAIR-
PERSON.—The Chairperson and the Vice-Chair-
person shall serve as members of the task force. 
(B) ADDITIONAL MEMBERS.— 
(i) IN GENERAL.—The task force shall 
have additional members, each of whom 
shall be appointed by the Chairperson, with 
the approval of the Administrator. 
(ii) NUMBER OF MEMBERS.—The num-
ber of additional members shall be deter-
mined by the Chairperson, in consultation 
with the Administrator, except that— 
(I) the additional members shall 
include, for each of the groups specified 
in paragraph (3), at least 1 member 
appointed from within that group; and 
(II) the number of additional 
members shall not exceed 13. 
(3) GROUPS REPRESENTED.—The groups speci-
fied in this paragraph are— 
(A) subject matter experts;
† HR 627 EAS 
(B) users of information technologies within 
small business concerns; 
(C) vendors of information technologies to 
small business concerns; 
(D) academics with expertise in the use of 
information technologies to support business; 
(E) small business trade associations; 
(F) Federal, State, or local agencies, includ-
ing the Department of Homeland Security, en-
gaged in securing cyberspace; and 
(G) information technology training pro-
viders with expertise in the use of information 
technologies to support business. 
(4) POLITICAL AFFILIATION.—The appointments 
under this subsection shall be made without regard to 
political affiliation. 
(i) MEETINGS.— 
(1) FREQUENCY.—The task force shall meet at 
least 2 times per year, and more frequently if nec-
essary to perform its duties. 
(2) QUORUM.—A majority of the members of the 
task force shall constitute a quorum. 
(3) LOCATION.—The Administrator shall des-
ignate, and make available to the task force, a loca-
† HR 627 EAS 
tion at a facility under the control of the Adminis-
trator for use by the task force for its meetings. 
(4) MINUTES.— 
(A) IN GENERAL.—Not later than 30 days 
after the date of each meeting, the task force shall 
publish the minutes of the meeting in the Federal 
Register and shall submit to the Administrator 
any findings or recommendations approved at 
the meeting. 
(B) SUBMISSION TO CONGRESS.—Not later 
than 60 days after the date that the Adminis-
trator receives minutes under subparagraph (A), 
the Administrator shall submit to the Committee 
on Small Business and Entrepreneurship of the 
Senate and the Committee on Small Business of 
the House of Representatives such minutes, to-
gether with any comments the Administrator 
considers appropriate. 
(5) FINDINGS.— 
(A) IN GENERAL.—Not later than the date 
on which the task force terminates under sub-
section (m), the task force shall submit to the Ad-
ministrator a final report on any findings and 
recommendations of the task force approved at a 
meeting of the task force.
† HR 627 EAS 
(B) SUBMISSION TO CONGRESS.—Not later 
than 90 days after the date on which the Admin-
istrator receives the report under subparagraph 
(A), the Administrator shall submit to the Com-
mittee on Small Business and Entrepreneurship 
of the Senate and the Committee on Small Busi-
ness of the House of Representatives the full text 
of the report submitted under subparagraph (A), 
together with any comments the Administrator 
considers appropriate. 
(j) PERSONNEL MATTERS.— 
(1) COMPENSATION OF MEMBERS.—Each mem-
ber of the task force shall serve without pay for their 
service on the task force. 
(2) TRAVEL
EXPENSES.—Each member of the 
task force shall receive travel expenses, including per 
diem in lieu of subsistence, in accordance with appli-
cable provisions under subchapter I of chapter 57 of 
title 5, United States Code. 
(3) DETAIL OF SBA EMPLOYEES.—The Adminis-
trator may detail, without reimbursement, any of the 
personnel of the Administration to the task force to 
assist it in carrying out the duties of the task force. 
Such a detail shall be without interruption or loss of 
civil status or privilege.
† HR 627 EAS 
(4) SBA SUPPORT OF THE TASK FORCE.—Upon 
the request of the task force, the Administrator shall 
provide to the task force the administrative support 
services that the Administrator and the Chairperson 
jointly determine to be necessary for the task force to 
carry out its duties. 
(k) NOT SUBJECT TO FEDERAL ADVISORY COMMITTEE 
ACT.—The Federal Advisory Committee Act (5 U.S.C. 
App.) shall not apply to the task force. 
(l) STARTUP DEADLINES.—The initial appointment of 
the members of the task force shall be completed not later 
than 90 days after the date of enactment of this Act, and 
the first meeting of the task force shall be not later than 
180 days after the date of enactment of this Act. 
(m) TERMINATION.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the task force shall terminate at the end of 
fiscal year 2013. 
(2) EXCEPTION.—If, as of the termination date 
under paragraph (1), the task force has not complied 
with subsection (i)(4) with respect to 1 or more meet-
ings, then the task force shall continue after the termi-
nation date for the sole purpose of achieving compli-
ance with subsection (i)(4) with respect to those meet-
ings.
† HR 627 EAS 
(n) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$300,000 for each of fiscal years 2010 through 2013. 
SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECH-
NOLOGY. 
(a) IN GENERAL.—The Federal Trade Commission, in 
consultation with the Attorney General of the United States 
and the United States Secret Service, shall conduct a study 
on the cost-effectiveness of making available at automated 
teller machines technology that enables a consumer that is 
under duress to electronically alert a local law enforcement 
agency that an incident is taking place at such automated 
teller machine, including— 
(1) an emergency personal identification number 
that would summon a local law enforcement officer to 
an automated teller machine when entered into such 
automated teller machine; and 
(2) a mechanism on the exterior of an automated 
teller machine that, when pressed, would summon a 
local law enforcement to such automated teller ma-
chine. 
(b) CONTENTS OF STUDY.—The study required under 
subsection (a) shall include—
† HR 627 EAS 
(1) an analysis of any technology described in 
subsection (a) that is currently available or under de-
velopment; 
(2) an estimate of the number and severity of 
any crimes that could be prevented by the availability 
of such technology; 
(3) the estimated costs of implementing such 
technology; and 
(4) a comparison of the costs and benefits of not 
fewer than 3 types of such technology. 
(c) REPORT.—Not later than 9 months after the date 
of enactment of this Act, the Federal Trade Commission 
shall submit to Congress a report on the findings of the 
study required under this section that includes such rec-
ommendations for legislative action as the Commission de-
termines appropriate. 
SEC. 509. STUDY AND REPORT ON THE MARKETING OF 
PRODUCTS WITH CREDIT OFFERS. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study on the terms, conditions, mar-
keting, and value to consumers of products marketed in con-
junction with credit card offers, including— 
(1) debt suspension agreements; 
(2) debt cancellation agreements; and 
(3) credit insurance products.
† HR 627 EAS 
(b) AREAS OF CONCERN.—The study conducted under 
this section shall evaluate— 
(1) the suitability of the offer of products de-
scribed in subsection (a) for target customers; 
(2) the predatory nature of such offers; and 
(3) specifically for debt cancellation or suspen-
sion agreements and credit insurance products, loss 
rates compared to more traditional insurance prod-
ucts. 
(c) REPORT TO CONGRESS.—The Comptroller shall 
submit a report to Congress on the results of the study re-
quired by this section not later than December 31, 2010. 
SEC. 510. FINANCIAL AND ECONOMIC LITERACY. 
(a) REPORT ON FEDERAL FINANCIAL AND ECONOMIC 
LITERACY EDUCATION PROGRAMS.— 
(1) IN GENERAL.—Not later than 9 months after 
the date of enactment of this Act, the Secretary of 
Education and the Director of the Office of Financial 
Education of the Department of the Treasury shall co-
ordinate with the President’s Advisory Council on Fi-
nancial Literacy— 
(A) to evaluate and compile a comprehen-
sive summary of all existing Federal financial 
and economic literacy education programs, as of 
the time of the report; and
† HR 627 EAS 
(B) to prepare and submit a report to Con-
gress on the findings of the evaluations. 
(2) CONTENTS.—The report required by this sub-
section shall address, at a minimum— 
(A) the 2008 recommendations of the Presi-
dent’s Advisory Council on Financial Literacy; 
(B) existing Federal financial and economic 
literacy education programs for grades kinder-
garten through grade 12, and annual funding to 
support these programs; 
(C) existing Federal postsecondary financial 
and economic literacy education programs and 
annual funding to support these programs; 
(D) the current financial and economic lit-
eracy education needs of adults, and in par-
ticular, low- and moderate-income adults; 
(E) ways to incorporate and disseminate 
best practices and high quality curricula in fi-
nancial and economic literacy education; and 
(F) specific recommendations on sources of 
revenue to support financial and economic lit-
eracy education activities with a specific anal-
ysis of the potential use of credit card trans-
action fees. 
(b) STRATEGIC PLAN.—
† HR 627 EAS 
(1) IN GENERAL.—The Secretary of Education 
and the Director of the Office of Financial Education 
of the Department of the Treasury shall coordinate 
with the President’s Advisory Council on Financial 
Literacy to develop a strategic plan to improve and 
expand financial and economic literacy education. 
(2) CONTENTS.—The plan developed under this 
subsection shall— 
(A) incorporate findings from the report 
and evaluations of existing Federal financial 
and economic literacy education programs under 
subsection (a); and 
(B) include proposals to improve, expand, 
and support financial and economic literacy 
education based on the findings of the report and 
evaluations. 
(3) PRESENTATION TO CONGRESS.—The plan de-
veloped under this subsection shall be presented to 
Congress not later than 6 months after the date on 
which the report under subsection (a) is submitted to 
Congress. 
(c) EFFECTIVE DATE.—Notwithstanding section 3, 
this section shall become effective on the date of enactment 
of this Act.
† HR 627 EAS 
SEC. 511. FEDERAL TRADE COMMISSION RULEMAKING ON 
MORTGAGE LENDING. 
(a) IN GENERAL.—Section 626 of division D of the 
Omnibus Appropriations Act, 2009 (Public Law 111–8) is 
amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Within’’ and inserting ‘‘(1) 
Within’’; 
(B) in paragraph (1), as designated by sub-
paragraph (A), by inserting after the first sen-
tence the following: ‘‘Such rulemaking shall re-
late to unfair or deceptive acts or practices re-
garding mortgage loans, which may include un-
fair or deceptive acts or practices involving loan 
modification and foreclosure rescue services.’’; 
and 
(C) by adding at the end the following: 
‘‘(2) Paragraph (1) shall not be construed to au-
thorize the Federal Trade Commission to promulgate 
a rule with respect to an entity that is not subject to 
enforcement of the Federal Trade Commission Act (15 
U.S.C. 41 et seq.) by the Commission. 
‘‘(3) Before issuing a final rule pursuant to the 
proceeding initiated under paragraph (1), the Federal 
Trade Commission shall consult with the Federal Re-
serve Board concerning any portion of the proposed
† HR 627 EAS 
rule applicable to acts or practices to which the provi-
sions of the Truth in Lending Act (15 U.S.C. 1601 
et seq.) may apply. 
‘‘(4) The Federal Trade Commission shall enforce 
the rules issued under paragraph (1) in the same 
manner, by the same means, and with the same juris-
diction, powers, and duties as though all applicable 
terms and provisions of the Federal Trade Commis-
sion Act (15 U.S.C. 41 et seq.) were incorporated into 
and made part of this section.’’; and 
(2) in subsection (b)— 
(A) by striking so much as precedes para-
graph (2) and inserting the following: 
‘‘(b)(1) Except as provided in paragraph (6), in any 
case in which the attorney general of a State has reason 
to believe that an interest of the residents of that State has 
been or is threatened or adversely affected by the engage-
ment of any person subject to a rule prescribed under sub-
section (a) in a practice that violates such rule, the State, 
as parens patriae, may bring a civil action on behalf of 
the residents of the State in an appropriate district court 
of the United States or other court of competent jurisdic-
tion— 
‘‘(A) to enjoin that practice; 
‘‘(B) to enforce compliance with the rule;
† HR 627 EAS 
‘‘(C) to obtain damages, restitution, or other 
compensation on behalf of residents of the State; or 
‘‘(D) to obtain penalties and relief provided by 
the Federal Trade Commission Act and such other re-
lief as the court considers appropriate.’’; and 
(B) in paragraphs (2), (3), and (6), by 
striking ‘‘Commission’’ each place it appears 
and inserting ‘‘primary Federal regulator’’. 
(b) EFFECTIVE DATE.—The amendments made by sub-
section (a) shall take effect on March 12, 2009. 
SEC. 512. PROTECTING AMERICANS FROM VIOLENT CRIME. 
(a) CONGRESSIONAL FINDINGS.—Congress finds the 
following: 
(1) The Second Amendment to the Constitution 
provides that ‘‘the right of the people to keep and bear 
Arms, shall not be infringed’’. 
(2) Section 2.4(a)(1) of title 36, Code of Federal 
Regulations, provides that ‘‘except as otherwise pro-
vided in this section and parts 7 (special regulations) 
and 13 (Alaska regulations), the following are prohib-
ited: (i) Possessing a weapon, trap or net (ii) Car-
rying a weapon, trap or net (iii) Using a weapon, 
trap or net’’. 
(3) Section 27.42 of title 50, Code of Federal 
Regulations, provides that, except in special cir-
† HR 627 EAS 
cumstances, citizens of the United States may not 
‘‘possess, use, or transport firearms on national wild-
life refuges’’ of the United States Fish and Wildlife 
Service. 
(4) The regulations described in paragraphs (2) 
and (3) prevent individuals complying with Federal 
and State laws from exercising the second amendment 
rights of the individuals while at units of— 
(A) the National Park System; and 
(B) the National Wildlife Refuge System. 
(5) The existence of different laws relating to the 
transportation and possession of firearms at different 
units of the National Park System and the National 
Wildlife Refuge System entrapped law-abiding gun 
owners while at units of the National Park System 
and the National Wildlife Refuge System. 
(6) Although the Bush administration issued 
new regulations relating to the Second Amendment 
rights of law-abiding citizens in units of the National 
Park System and National Wildlife Refuge System 
that went into effect on January 9, 2009— 
(A) on March 19, 2009, the United States 
District Court for the District of Columbia 
granted a preliminary injunction with respect to
† HR 627 EAS 
the implementation and enforcement of the new 
regulations; and 
(B) the new regulations— 
(i) are under review by the adminis-
tration; and 
(ii) may be altered. 
(7) Congress needs to weigh in on the new regu-
lations to ensure that unelected bureaucrats and 
judges cannot again override the Second Amendment 
rights of law-abiding citizens on 83,600,000 acres of 
National Park System land and 90,790,000 acres of 
land under the jurisdiction of the United States Fish 
and Wildlife Service. 
(8) The Federal laws should make it clear that 
the second amendment rights of an individual at a 
unit of the National Park System or the National 
Wildlife Refuge System should not be infringed. 
(b) PROTECTING
THE RIGHT
OF INDIVIDUALS TO 
BEAR ARMS IN UNITS OF THE NATIONAL PARK SYSTEM 
AND THE NATIONAL WILDLIFE REFUGE SYSTEM.—The Sec-
retary of the Interior shall not promulgate or enforce any 
regulation that prohibits an individual from possessing a 
firearm including an assembled or functional firearm in 
any unit of the National Park System or the National Wild-
life Refuge System if—
† HR 627 EAS 
(1) the individual is not otherwise prohibited by 
law from possessing the firearm; and 
(2) the possession of the firearm is in compliance 
with the law of the State in which the unit of the Na-
tional Park System or the National Wildlife Refuge 
System is located. 
SEC. 513. GAO STUDY AND REPORT ON FLUENCY IN THE 
ENGLISH LANGUAGE AND FINANCIAL LIT-
ERACY. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a study examining— 
(1) the relationship between fluency in the 
English language and financial literacy; and 
(2) the extent, if any, to which individuals whose 
native language is a language other than English are 
impeded in their conduct of their financial affairs. 
(b) REPORT.—Not later than 1 year after the date of 
enactment of this Act, the Comptroller General of the United 
States shall submit a report to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Representa-
† HR 627 EAS 
tives that contains a detailed summary of the findings and 
conclusions of the study required under subsection (a). 
Attest: 
Secretary.
111TH CONGRESS 1st SESSION H e R. 6 2 7 AMENDMENT