I 
110TH CONGRESS 
1ST SESSION H. R. 1510 
To require enhanced disclosure to consumers regarding the consequences 
of making only minimum required payments in the repayment of credit 
card debt, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 13, 2007 
Mr. PRICE of North Carolina (for himself, Mr. MORAN of Virginia, Mr. 
GRIJALVA, Mr. FATTAH, Mr. RYAN
of Ohio, Mr. CONYERS, Ms. 
SCHWARTZ, Mr. ETHERIDGE, and Mr. UDALL of Colorado) introduced 
the following bill; which was referred to the Committee on Financial Serv-
ices 
A BILL 
To require enhanced disclosure to consumers regarding the 
consequences of making only minimum required pay-
ments in the repayment of credit card debt, and for 
other purposes. 
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 ‘‘Credit Card Repay-
ment Act of 2007’’. 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
SEC. 2. ENHANCED CONSUMER DISCLOSURES REGARDING 
MINIMUM PAYMENTS. 
Section 127(b) of the Truth in Lending Act (15 
U.S.C. 1637(b)) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(13) MINIMUM PAYMENTS.— 
‘‘(A) IN GENERAL.—Information regarding 
repayment of the outstanding balance of the 
consumer under the account, appearing in con-
spicuous type on the front of the first page of 
each such billing statement, and accompanied 
by an appropriate explanation, containing— 
‘‘(i) the words ‘Minimum Payment 
Warning: Making only the minimum pay-
ment will increase the amount of interest 
that you pay and the time it will take to 
repay your outstanding balance.’; 
‘‘(ii) the number of years and months 
(rounded to the nearest month) that it 
would take for the consumer to pay the en-
tire amount of that balance, if the con-
sumer pays only the required minimum 
monthly payments; 
‘‘(iii) the total cost to the consumer, 
shown as the sum of all principal and in-
terest payments, and a breakdown of the 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
total costs in interest and principal, of pay-
ing that balance in full if the consumer 
pays only the required minimum monthly 
payments, and if no further advances are 
made; 
‘‘(iv) the monthly payment amount 
that would be required for the consumer to 
eliminate the outstanding balance in 36 
months if no further advances are made; 
and 
‘‘(v) a toll-free telephone number at 
which the consumer may receive informa-
tion about accessing credit counseling and 
debt management services. 
‘‘(B) APPLICABLE RATES.— 
‘‘(i) IN GENERAL.—Subject to clause 
(ii), in making the disclosures under sub-
paragraph (A) the creditor shall apply the 
interest rate in effect on the date on which 
the disclosure is made. 
‘‘(ii) TEMPORARY RATES.—If the in-
terest rate in effect on the date on which 
the disclosure is made is a temporary rate 
that will change under a contractual provi-
sion specifying a subsequent interest rate 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
or applying an index or formula for subse-
quent interest rate adjustment, the cred-
itor 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 shall apply the adjusted interest rate, 
as specified in the contract. 
‘‘(iii) INDEXED
RATES.—If the con-
tract applies a formula that uses an index 
that varies over time, the value of such 
index on the date on which the disclosure 
is made shall be used in the application of 
the formula. 
‘‘(C) ADJUSTMENTS
AND
TOLERANCES.—In 
prescribing regulations to carry out this paragraph, 
the Board shall take into account the Board’s au-
thority under this title to provide adjustments and 
tolerances so as to prevent any injustice when a vio-
lation of the guidelines is not intentional and results 
from a bona fide error notwithstanding the mainte-
nance of procedures reasonably adapted to avoid any 
such error.’’. 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
SEC. 3. ACCESS TO CREDIT COUNSELING AND DEBT MAN-
AGEMENT INFORMATION. 
(a) GUIDELINES REQUIRED.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of the enactment of this Act, the Board of 
Governors of the Federal Reserve System and the 
Federal Trade Commission (hereafter in this section 
referred to as the ‘‘Board’’ and the ‘‘Commission’’, 
respectively) shall jointly, by rule, regulation, or 
order, issue guidelines for the establishment and 
maintenance by creditors of a toll-free telephone 
number for purposes of the disclosures required 
under section 127(b)(13) of the Truth in Lending 
Act, as added by this Act. 
(2) APPROVED
AGENCIES.—Guidelines issued 
under this subsection shall ensure that referrals pro-
vided by the toll-free number include only those 
agencies approved by the Board and the Commission 
as meeting the criteria under this section. 
(b) CRITERIA.—The Board and the Commission shall 
only approve a nonprofit budget and credit counseling 
agency for purposes of this section that— 
(1) demonstrates that it will provide qualified 
counselors, maintain adequate provision for safe-
keeping and payment of client funds, provide ade-
quate counseling with respect to client credit prob-
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
lems, and deal responsibly and effectively with other 
matters relating to the quality, effectiveness, and fi-
nancial security of the services it provides; 
(2) at a minimum— 
(A) is registered as a nonprofit entity 
under section 501(c) of the Internal Revenue 
Code of 1986; 
(B) has a board of directors, the majority 
of the members of which— 
(i) are not employed by such agency; 
and 
(ii) will not directly or indirectly ben-
efit financially from the outcome of the 
counseling services provided by such agen-
cy; 
(C) if a fee is charged for counseling serv-
ices, charges a reasonable and fair fee, and pro-
vides services without regard to ability to pay 
the fee; 
(D) provides for safekeeping and payment 
of client funds, including an annual audit of the 
trust accounts and appropriate employee bond-
ing; 
(E) provides full disclosures to clients, in-
cluding funding sources, counselor qualifica-
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
tions, possible impact on credit reports, any 
costs of such program that will be paid by the 
client, and how such costs will be paid; 
(F) provides adequate counseling with re-
spect to the credit problems of the client, in-
cluding an analysis of the current financial con-
dition of the client, factors that caused such fi-
nancial condition, and how such client can de-
velop a plan to respond to the problems without 
incurring negative amortization of debt; 
(G) provides trained counselors who— 
(i) receive no commissions or bonuses 
based on the outcome of the counseling 
services provided; 
(ii) have adequate experience; and 
(iii) have been adequately trained to 
provide counseling services to individuals 
in financial difficulty, including the mat-
ters described in subparagraph (F); 
(H) demonstrates adequate experience and 
background in providing credit counseling; 
(I) has adequate financial resources to pro-
vide continuing support services for budgeting 
plans over the life of any repayment plan; and 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS
(J) is accredited by an independent, na-
tionally recognized accrediting organization. 
Æ 
VerDate Aug 31 2005 
03:58 Mar 15, 2007
Jkt 059200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6301
E:\BILLS\H1510.IH
H1510
mstockstill on PROD1PC66 with BILLS