452
ble to such account, which term shall ap-
pear clearly and conspicuously; 
‘‘(ii) if the annual percentage rate of 
interest that will apply after the end of the 
temporary rate period will be a fixed rate, 
state in a clear and conspicuous manner in 
a prominent location closely proximate to 
the first listing of the temporary annual 
percentage rate (other than a listing of the 
temporary annual percentage rate in the 
tabular 
format 
described 
in 
section 
122(c)), the time period in which the intro-
ductory period will end and the annual 
percentage rate that will apply after the 
end of the introductory period; and 
‘‘(iii) if the annual percentage rate 
that will apply after the end of the tem-
porary rate period will vary in accordance 
with an index, state in a clear and con-
spicuous manner in a prominent location 
closely proximate to the first listing of the 
temporary annual percentage rate (other 
than a listing in the tabular format pre-
scribed by section 122(c)), the time period 
in which the introductory period will end
453
and the rate that will apply after that, 
based on an annual percentage rate that 
was in effect within 60 days before the 
date of mailing the application or solicita-
tion. 
‘‘(B) EXCEPTION.—Clauses (ii) and (iii) of 
subparagraph (A) do not apply with respect to 
any listing of a temporary annual percentage 
rate on an envelope or other enclosure in which 
an application or solicitation to open a credit 
card account is mailed. 
‘‘(C) CONDITIONS
FOR
INTRODUCTORY 
RATES.—An application or solicitation to open 
a credit card account for which a disclosure is 
required under paragraph (1), and that offers a 
temporary annual percentage rate of interest 
shall, if that rate of interest is revocable under 
any circumstance or upon any event, clearly 
and conspicuously disclose, in a prominent man-
ner on or with such application or solicitation—
‘‘(i) a general description of the cir-
cumstances that may result in the revoca-
tion of the temporary annual percentage 
rate; and
454
‘‘(ii) if the annual percentage rate 
that will apply upon the revocation of the 
temporary annual percentage rate—
‘‘(I) will be a fixed rate, the an-
nual percentage rate that will apply 
upon the revocation of the temporary 
annual percentage rate; or 
‘‘(II) will vary in accordance with 
an index, the rate that will apply after 
the temporary rate, based on an an-
nual percentage rate that was in ef-
fect within 60 days before the date of 
mailing the application or solicitation. 
‘‘(D) DEFINITIONS.—In this paragraph—
‘‘(i) the terms ‘temporary annual per-
centage rate of interest’ and ‘temporary 
annual percentage rate’ mean any rate of 
interest applicable to a credit card account 
for an introductory period of less than 1 
year, if that rate is less than an annual 
percentage rate that was in effect within 
60 days before the date of mailing the ap-
plication or solicitation; and 
‘‘(ii) the term ‘introductory period’ 
means the maximum time period for which
455
the temporary annual percentage rate may 
be applicable. 
‘‘(E) RELATION
TO
OTHER
DISCLOSURE 
REQUIREMENTS.—Nothing in this paragraph 
may be construed to supersede subsection (a) of 
section 122, or any disclosure required by para-
graph (1) or any other provision of this sub-
section.’’. 
(b) REGULATORY IMPLEMENTATION.—
(1) IN GENERAL.—The Board shall promulgate 
regulations implementing the requirements of section 
127(c)(6) of the Truth in Lending Act, as added by 
this section. 
(2) EFFECTIVE
DATE.—Section 127(c)(6) of 
the Truth in Lending Act, as added by this section, 
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: