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and regulations issued under paragraph (1) of this 
subsection shall not take effect until the later of—
(A) 12 months after the date of enactment 
of this Act; or 
(B) 12 months after the date of publica-
tion of such final regulations by the Board. 
SEC. 1304. INTERNET-BASED CREDIT CARD SOLICITATIONS. 
(a) 
INTERNET-BASED
SOLICITATIONS.—Section 
127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) 
is amended by adding at the end the following: 
‘‘(7) INTERNET-BASED SOLICITATIONS.—
‘‘(A) IN GENERAL.—In any solicitation to 
open a credit card account for any person under 
an open end consumer credit plan using the 
Internet or other interactive computer service, 
the person making the solicitation shall clearly 
and conspicuously disclose—
‘‘(i) the information described in sub-
paragraphs (A) and (B) of paragraph (1); 
and 
‘‘(ii) the information described in 
paragraph (6). 
‘‘(B) FORM OF DISCLOSURE.—The disclo-
sures required by subparagraph (A) shall be—
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‘‘(i) readily accessible to consumers in 
close proximity to the solicitation to open 
a credit card account; and 
‘‘(ii) updated regularly to reflect the 
current policies, terms, and fee amounts 
applicable to the credit card account. 
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph—
‘‘(i) the term ‘Internet’ means the 
international computer network of both 
Federal and non-Federal interoperable 
packet switched data networks; and 
‘‘(ii) the term ‘interactive computer 
service’ means any information service, 
system, or access software provider that 
provides or enables computer access by 
multiple users to a computer server, in-
cluding specifically a service or system that 
provides access to the Internet and such 
systems operated or services offered by li-
braries or educational institutions.’’. 
(b) REGULATORY IMPLEMENTATION.—
(1) IN GENERAL.—The Board shall promulgate 
regulations implementing the requirements of section
491
127(c)(7) of the Truth in Lending Act, as added by 
this section. 
(2) EFFECTIVE DATE.—The amendment made 
by subsection (a) and the regulations issued under 
paragraph (1) of this subsection shall not take effect 
until the later of—
(A) 12 months after the date of enactment 
of this Act; or 
(B) 12 months after the date of publica-
tion of such final regulations by the Board. 
SEC. 1305. DISCLOSURES RELATED TO LATE PAYMENT 
DEADLINES AND PENALTIES. 
(a) DISCLOSURES RELATED
TO LATE PAYMENT 
DEADLINES
AND PENALTIES.—Section 127(b) of the 
Truth in Lending Act (15 U.S.C. 1637(b)) is amended 
by adding at the end the following: 
‘‘(12) If a late payment fee is to be imposed 
due to the failure of the obligor to make payment on 
or before a required payment due date, the following 
shall be stated clearly and conspicuously on the bill-
ing statement: 
‘‘(A) The date on which that payment is 
due or, if different, the earliest date on which 
a late payment fee may be charged.
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‘‘(B) The amount of the late payment fee 
to be imposed if payment is made after such 
date.’’. 
(b) REGULATORY IMPLEMENTATION.—
(1) IN GENERAL.—The Board shall promulgate 
regulations implementing the requirements of section 
127(b)(12) of the Truth in Lending Act, as added 
by this section. 
(2) EFFECTIVE DATE.—The amendment made 
by subsection (a) and regulations issued under para-
graph (1) of this subsection shall not take effect 
until the later of—
(A) 12 months after the date of enactment 
of this Act; or 
(B) 12 months after the date of publica-
tion of such final regulations by the Board. 
SEC. 1306. PROHIBITION ON CERTAIN ACTIONS FOR FAIL-
URE TO INCUR FINANCE CHARGES. 
(a) PROHIBITION ON CERTAIN ACTIONS FOR FAIL-
URE TO INCUR FINANCE CHARGES.—Section 127 of the 
Truth in Lending Act (15 U.S.C. 1637) is amended by 
adding at the end the following: 
‘‘(h) PROHIBITION ON CERTAIN ACTIONS FOR FAIL-
URE TO INCUR FINANCE CHARGES.—A creditor of an ac-
count under an open end consumer credit plan may not
493
terminate an account prior to its expiration date solely be-
cause the consumer has not incurred finance charges on 
the account. Nothing in this subsection shall prohibit a 
creditor from terminating an account for inactivity in 3 
or more consecutive months.’’. 
(b) REGULATORY IMPLEMENTATION.—
(1) IN GENERAL.—The Board shall promulgate 
regulations implementing the requirements of section 
127(h) of the Truth in Lending Act, as added by 
this section. 
(2) EFFECTIVE DATE.—The amendment made 
by subsection (a) and regulations issued under para-
graph (1) of this subsection shall not take effect 
until the later of—
(A) 12 months after the date of enactment 
of this Act; or 
(B) 12 months after the date of publica-
tion of such final regulations by the Board. 
SEC. 1307. DUAL USE DEBIT CARD. 
(a) REPORT.—The Board may conduct a study of, 
and present to Congress a report containing its analysis 
of, consumer protections under existing law to limit the 
liability of consumers for unauthorized use of a debit card 
or similar access device. Such report, if submitted, shall