I 
111TH CONGRESS 
1ST SESSION H. R. 2327 
To preserve consumer choice and access to credit and enhance consumer 
disclosures. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 7, 2009 
Mr. HENSARLING (for himself, Mr. BURGESS, Mr. BISHOP of Utah, Mr. 
KLINE of Minnesota, Mr. CONAWAY, Mr. SHADEGG, Mr. PITTS, Mr. GAR-
RETT of New Jersey, Mr. BRADY of Texas, Mr. MCKEON, Mr. GINGREY 
of Georgia, Mr. OLSON, Mr. GOHMERT, Mr. POE of Texas, Mr. FLEMING, 
Mrs. LUMMIS, Mr. MARCHANT, Mr. NEUGEBAUER, Mr. POSEY, and Ms. 
FOXX) introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To preserve consumer choice and access to credit and 
enhance consumer disclosures. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Protection of Con-
sumer Credit and Consumer Choice Act of 2009’’. 
SEC. 2. UNFAIR ACTS OR PRACTICES RULE REVISION. 
The Board of Governors of the Federal Reserve, the 
Office of Thrift Supervision, and the National Credit 
VerDate Nov 24 2008 
02:55 May 09, 2009
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H2327.IH
H2327
smartinez on PROD1PC64 with BILLS
HR 2327 IH 
Union Administration shall not take any action to imple-
ment any rule relating to credit cards published in the 
Federal Register on January 29, 2009, or any substan-
tially similar rule, on the basis of a determination by such 
agencies that practices relating to credit card practices 
constitute an unfair act or practice in or affecting com-
merce. 
SEC. 3. IMPROVING CONSUMER DISCLOSURES. 
Section 127 of the Truth in Lending Act (15 U.S.C. 
1637) is amended by adding at the end the following new 
subsection: 
‘‘(i) ADVANCE NOTICE OF RATE INCREASES FOR 
CERTAIN PRACTICES.— 
‘‘(1) IN GENERAL.—With respect to credit card 
accounts under an open end consumer credit plan, 
the Board shall issue regulations under subsections 
(a), (b), and (c), as the Board may find appropriate 
and necessary, to require a card issuer to provide 
clear and conspicuous disclosures pertaining to: 
‘‘(A) the time provided to make timely pay-
ments; 
‘‘(B) allocation of payments when different 
annual percentage rates apply to different bal-
ances of such accounts; 
‘‘(C) increases in annual percentage rates; 
VerDate Nov 24 2008 
02:55 May 09, 2009
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H2327.IH
H2327
smartinez on PROD1PC64 with BILLS
HR 2327 IH 
‘‘(D) two-cycle average daily balance meth-
od of balance calculation; and 
‘‘(E) fees that may be assessed at the 
opening of such accounts. 
‘‘(2) 
ADVANCE
NOTICE
FOR
CERTAIN 
CHANGES.— 
‘‘(A) IN GENERAL.—A change to any term 
described in paragraph (1), or, in the case of 
paragraph (1)(C), an increase of an annual per-
centage rate, with respect to a credit card ac-
count under an open end consumer credit plan 
may not take effect unless the card issuer pro-
vides a written notice to the consumer no less 
than 75 days before such change is scheduled 
to take effect which fully describes the change 
in a clear and conspicuous manner. 
‘‘(B) EXCEPTION.—Any disclosure under 
subparagraph (A) shall not be required with re-
spect to an increase in an annual percentage 
rate if: 
‘‘(i) the increase is due to the oper-
ation of an index outside the control of the 
card issuers; 
‘‘(ii) the increase is due to an expira-
tion of a promotional rate; and 
VerDate Nov 24 2008 
02:55 May 09, 2009
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H2327.IH
H2327
smartinez on PROD1PC64 with BILLS
HR 2327 IH 
‘‘(iii) the rate was previously disclosed 
pursuant to subsection (a).’’. 
SEC. 4. EFFECTIVE DATE. 
(a) Section 2 of this Act is effective on the date of 
enactment of this Act. 
(b) The Board shall issue the regulations under sec-
tion 3 within 12 months of the date of enactment of this 
Act. 
(c) The regulations issued by the Board under section 
3 shall be effective 12 months after they are published 
in final form. 
Æ 
VerDate Nov 24 2008 
02:55 May 09, 2009
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H2327.IH
H2327
smartinez on PROD1PC64 with BILLS