SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Credit Cardholders’ 
Bill of Rights Act of 2009’’. 
SEC. 2. CREDIT CARDS ON TERMS CONSUMERS CAN REPAY. 
(a) RETROACTIVE RATE INCREASES AND UNIVERSAL 
DEFAULT LIMITED.—Chapter 2 of the Truth in Lending 
Act (15 U.S.C. 1631 et seq.) is amended by inserting after 
section 127A the following new section: 
‘‘§ 127B. Additional requirements for credit card ac-
counts under an open end consumer 
credit plan 
‘‘(a) RETROACTIVE RATE INCREASES
AND UNI-
VERSAL DEFAULT LIMITED.— 
‘‘(1) IN GENERAL.—Except as provided in sub-
section (b), no creditor may increase any annual per-
centage rate of interest applicable to the existing 
balance on a credit card account of the consumer 
under an open end consumer credit plan. 
‘‘(2) EXISTING BALANCE DEFINED.—For pur-
poses of this subsection and subsections (b) and (c), 
the term ‘existing balance’ means the amount owed 
on a consumer credit card account as of the end of 
the 7th day after the creditor provides notice of an 
increase in the annual percentage rate in accordance 
with subsection (c).
‘‘(3) TREATMENT OF EXISTING BALANCES FOL-
LOWING
RATE
INCREASE.—If a creditor increases 
any annual percentage rate of interest applicable to 
the credit card account of a consumer under an open 
end consumer credit plan and there is an existing 
balance in the account to which such increase may 
not apply, the creditor shall allow the consumer to 
repay the existing balance using a method provided 
by the creditor which is at least as beneficial to the 
consumer as 1 of the following methods: 
‘‘(A) An amortization period for the exist-
ing balance of at least 5 years starting from the 
date on which the increased annual percentage 
rate went into effect. 
‘‘(B) The percentage of the existing bal-
ance that was included in the required min-
imum periodic payment before the rate increase 
cannot be more than doubled. 
‘‘(4) LIMITATION ON CERTAIN FEES.—If— 
‘‘(A) a creditor increases any annual per-
centage rate of interest applicable on a credit 
card account of the consumer under an open 
end consumer credit plan; and
‘‘(B) the creditor is prohibited by this sec-
tion from applying the increased rate to an ex-
isting balance, 
the creditor may not assess any fee or charge based 
solely on the existing balance.’’. 
(b) EXCEPTIONS TO THE AMENDMENT MADE BY 
SUBSECTION (a).—Section 127B of the Truth in Lending 
Act is amended by inserting after subsection (a) (as added 
by subsection (a)) the following new subsection: 
‘‘(b) EXCEPTIONS.— 
‘‘(1) IN
GENERAL.—A creditor may increase 
any annual percentage rate of interest applicable to 
the existing balance on a credit card account of the 
consumer under an open end consumer credit plan 
only under the following circumstances: 
‘‘(A) CHANGE IN INDEX.—The increase is 
due solely to the operation of an index that is 
not under the creditor’s control and is available 
to the general public. 
‘‘(B) 
EXPIRATION
OF
PROMOTIONAL 
RATE.—The increase is due solely to the expira-
tion of a promotional rate. 
‘‘(C) FAILURE TO COMPLY WITH WORKOUT 
PLAN.—The increase is due solely to the fact
the consumer failed to comply with a negotiated 
workout plan with the creditor. 
‘‘(D) PAYMENT NOT RECEIVED DURING 30- 
DAY GRACE PERIOD AFTER DUE DATE.—The 
increase is due solely to the fact that any con-
sumer’s minimum payment has not been re-
ceived within 30 days after the due date for 
such minimum payment. 
‘‘(2) LIMITATION ON INCREASES DUE TO FAIL-
URE TO COMPLY WITH WORKOUT PLAN.—Notwith-
standing paragraph (1)(C), the annual percentage 
rate in effect with respect to each category of trans-
actions for a credit card account under an open end 
consumer credit plan after the increase permitted 
under such subsection due to the failure of a con-
sumer to comply with a workout plan may not ex-
ceed the annual percentage applicable to such cat-
egory of transactions on the day before the effective 
date of the workout plan. 
‘‘(3) STANDARDS REQUIRED.—The Board shall 
prescribe, by regulation, standards— 
‘‘(A) for entering into any workout plan 
applicable to any credit card account under an 
open end consumer credit plan; and 
‘‘(B) governing any such workout plan.’’.
(c) ADVANCE NOTICE OF RATE INCREASES AND SIG-
NIFICANT CONTRACT CHANGES.—Section 127B of the 
Truth in Lending Act is amended by inserting after sub-
section (b) (as added by subsection (b)) the following new 
subsections: 
‘‘(c) ADVANCE NOTICE OF RATE INCREASES.— 
‘‘(1) IN GENERAL.—In the case of any credit 
card account under an open end consumer credit 
plan, no increase in any annual percentage rate of 
interest (other than an increase described in sub-
section (b)(1)(A)) may take effect unless the creditor 
provides a written notice to the consumer at least 45 
days before the increase takes effect which fully de-
scribes the changes in the annual percentage rate, in 
a complete and conspicuous manner, and the extent 
to which such increase would apply to an existing 
balance. 
‘‘(2) LIMITATION ON RATE INCREASE NOTICES 
WITHIN FIRST YEAR.—Except in the case of an in-
crease described in subparagraph (B), (C), or (D) of 
subsection (b)(1), no written notice under paragraph 
(1) of an increase in any annual percentage rate of 
interest on any credit card account under an open 
end consumer credit plan (for which notice is re-
quired under such paragraph) shall be effective be-
fore the end of the 1-year period beginning when the 
account is opened. 
‘‘(3) 
MINIMUM
TERM
FOR
PROMOTIONAL 
RATES.—In the case of a promotional rate, no writ-
ten notice under paragraph (1) of an increase in any 
annual percentage rate of interest on any credit card 
account under an open end consumer credit plan 
shall be effective before the end of a 6-month period 
beginning from the date the promotional rate takes 
effect. 
‘‘(d) ADVANCE NOTICE OF ACCOUNT CLOSURE.— 
‘‘(1) IN GENERAL.—In the case of any credit 
card account under an open end consumer credit 
plan, a creditor may not close such account unless 
the creditor provides a written notice to the con-
sumer at least 30 days before the closure takes 
place, and which notifies the consumer— 
‘‘(A) of the reason the account is being 
closed; 
‘‘(B) of any recourse that the consumer 
may take to prevent the account from being 
closed; 
‘‘(C) of any program under which the con-
sumer may repay the balance on the account 
over a period of time; and
‘‘(D) that if the consumer’s account is 
closed, it may have an impact on the con-
sumer’s credit score. 
‘‘(2) EXCEPTION.—The requirements of para-
graph (1) shall not apply in the case of a consumer 
request that the creditor close such account. 
‘‘(e) ADVANCE NOTICE OF SIGNIFICANT CONTRACT 
CHANGES.—In the case of any credit card account under 
an open end consumer credit plan, no significant change 
to the contract (such as any fee) may take effect unless 
the creditor provides a written notice of at least 45 days 
before the change takes effect which fully describes the 
changes in the contract, in a complete and conspicuous 
manner.’’. 
(d) CLERICAL AMENDMENT.—The table of sections 
for chapter 2 of the Truth in Lending Act (15 U.S.C. 
1631 et seq.) is amended by inserting after the item relat-
ing to section 127A the following new item: 
‘‘127B. Additional requirements for credit card accounts under an open end con-
sumer credit plan.’’. 
SEC. 3. ADDITIONAL PROVISIONS REGARDING ACCOUNT 
FEATURES, TERMS, AND PRICING. 
(a) DOUBLE CYCLE BILLING PROHIBITED.—Section 
127B of the Truth in Lending Act is amended by inserting 
after subsection (d) (as added by section 2(c)) the fol-
lowing new subsection:
‘‘(e) DOUBLE CYCLE BILLING.— 
‘‘(1) IN GENERAL.—No finance charge may be 
imposed by a creditor with respect to any balance on 
a credit card account under an open end consumer 
credit plan that is based on balances for days in bill-
ing cycles preceding the most recent billing cycle as 
a result of the loss of any grace period. 
‘‘(2) EXCEPTIONS.—Paragraph (1) shall not 
apply so as to prohibit a creditor from— 
‘‘(A) adjusting finance charges following 
the return of a payment for insufficient funds; 
or 
‘‘(B) adjusting finance charges following 
resolution of a billing error dispute. 
‘‘(3) GRACE
PERIOD.—For purposes of this 
subsection, the term ‘grace period’ means, with re-
spect to any credit card account under an open end 
consumer credit plan, the time period, if any, pro-
vided by the creditor within which any credit ex-
tended under such credit plan for purchases of goods 
or services may be repaid by the consumer without 
incurring a finance charge.’’. 
(b) LIMITATIONS RELATING TO ACCOUNT BALANCES 
ATTRIBUTABLE ONLY TO ACCRUED INTEREST.—Section
127B is amended by inserting after subsection (e) (as 
added by subsection (a)) the following new subsection: 
‘‘(f) LIMITATIONS RELATING
TO ACCOUNT BAL-
ANCES ATTRIBUTABLE ONLY TO ACCRUED INTEREST.— 
‘‘(1) IN GENERAL.—If the outstanding balance 
on a credit card account under an open end con-
sumer credit plan at the end of a billing period rep-
resents an amount attributable only to interest ac-
crued during the preceding billing period on an out-
standing balance that was fully repaid during the 
preceding billing period— 
‘‘(A) no fee may be imposed or collected in 
connection with such balance attributable only 
to interest before such end of the billing period; 
and 
‘‘(B) any failure to make timely repay-
ments of the balance attributable only to inter-
est before such end of the billing period shall 
not constitute a default on the account. 
Such balance remains a legally binding debt obliga-
tion. 
‘‘(2) RULE OF CONSTRUCTION.—Paragraph (1) 
shall not be construed as affecting—
‘‘(A) the consumer’s obligation to pay any 
accrued interest on a credit card account under 
an open end consumer credit plan; or 
‘‘(B) the accrual of interest on the out-
standing balance on any such account in ac-
cordance with the terms of the account and this 
title.’’. 
(c) ACCESS TO PAYOFF BALANCE INFORMATION.— 
Section 127B of the Truth in Lending Act is amended 
by inserting after subsection (f) (as added by subsection 
(b)) the following new subsection: 
‘‘(g) PAYOFF BALANCE INFORMATION.— 
‘‘(1) IN
GENERAL.—Each periodic statement 
provided by a creditor to a consumer with respect to 
a credit card account under an open end consumer 
credit plan shall contain the toll-free telephone num-
ber, Internet address, and website at which the con-
sumer may request the payoff balance on the ac-
count. 
‘‘(2) SMALL ISSUERS.—Notwithstanding para-
graph (1), in the case of any credit card issuer 
which issues fewer than 50,000 credit cards in con-
junction with credit card accounts under open end 
consumer credit plans, each periodic statement pro-
vided by such a creditor to a consumer with respect
to any such credit card account shall contain the 
toll-free telephone number, Internet address, or 
website at which the consumer may request the pay-
off balance on the account.’’. 
(d) CONSUMER RIGHT TO REJECT CARD AFTER NO-
TICE IS PROVIDED OF OPEN ACCOUNT.—Section 127B of 
the Truth in Lending Act is amended by inserting after 
subsection (g) (as added by subsection (c)) the following 
new subsection: 
‘‘(h) CONSUMER RIGHT TO REJECT CARD AFTER 
NOTICE OF NEW ACCOUNT IS PROVIDED TO CONSUMER 
REPORTING AGENCY.— 
‘‘(1) IN GENERAL.—A creditor shall remove any 
information furnished to a consumer reporting agen-
cy (as defined in section 603) concerning the estab-
lishment of a newly opened credit card account 
under an open end consumer credit plan if the con-
sumer has not used or activated the account and the 
consumer contacts the creditor within 45 days of the 
establishment of the account to close the account. 
‘‘(2) RULE OF CONSTRUCTION.—Paragraph (1) 
shall not be construed as prohibiting a creditor from 
furnishing information about any application for a 
credit card account under an open end consumer
credit plan or any inquiry about any such account 
to a consumer reporting agency (as so defined).’’. 
(e) USE OF TERMS CLARIFIED.—Section 127B of the 
Truth in Lending Act is amended by inserting after sub-
section (h) (as added by subsection (d)) the following new 
subsection: 
‘‘(i) USE OF TERMS.—The following requirements 
shall apply with respect to the terms of any credit card 
account under any open end consumer credit plan: 
‘‘(1) ‘FIXED’ RATE.—The term ‘fixed’, when 
appearing in conjunction with a reference to the an-
nual percentage rate or interest rate applicable with 
respect to such account, may only be used to refer 
to an annual percentage rate or interest rate that 
will not change or vary for any reason over the pe-
riod clearly and conspicuously specified in the terms 
of the account. 
‘‘(2) PRIME
RATE.—The term ‘prime rate’, 
when appearing in any agreement or contract for 
any such account, may only be used to refer to the 
bank prime rate published in the Federal Reserve 
Statistical Release on selected interest rates (daily or 
weekly), and commonly referred to as the H.15 re-
lease (or any successor publication). 
‘‘(3) DUE DATE.—
‘‘(A) IN GENERAL.—Each periodic state-
ment for any such account shall contain a date 
by which the next periodic payment on the ac-
count must be made to avoid a late fee or be 
considered a late payment, and any payment re-
ceived by 5 p.m., local time at the location spec-
ified by the creditor for the receipt of payment, 
on such date shall be treated as a timely pay-
ment for all purposes. 
‘‘(B) CERTAIN ELECTRONIC FUND TRANS-
FERS.—Any payment with respect to any such 
account made by a consumer online to the 
website of the credit card issuer or by telephone 
directly to the credit card issuer before 5 p.m., 
local time at the location specified by the cred-
itor for the receipt of payment, on any business 
day shall be credited to the consumer’s account 
that business day. 
‘‘(C) PRESUMPTION
OF
TIMELY
PAY-
MENT.—Any evidence provided by a consumer 
in the form of a receipt from the United States 
Postal Service or other common carrier indi-
cating that a payment on a credit card account 
was sent to the issuer not less than 7 days be-
fore the due date contained in the periodic
statement under subparagraph (A) for such 
payment shall create a presumption that such 
payment was made by the due date, which may 
be rebutted by the creditor for fraud or dishon-
esty on the part of the consumer with respect 
to the mailing date.’’. 
(f) PAYMENT ALLOCATIONS.—Section 127B of the 
Truth in Lending Act is amended by inserting after sub-
section (i) (as added by subsection (e)) the following new 
subsection: 
‘‘(j) PAYMENT ALLOCATIONS.— 
‘‘(1) IN GENERAL.—If 2 or more different an-
nual percentage rates apply to different portions of 
an outstanding balance on a credit card account 
under an open end consumer credit plan, the amount 
of any periodic payment in excess of the required 
minimum payment shall be allocated first to the bal-
ance with the highest annual percentage rate and 
any remaining portion is allocated to any other bal-
ance in descending order, based on the applicable 
annual percentage rate each portion of such balance 
bears, from the highest such rate to the lowest. 
‘‘(2) CLARIFICATION
RELATING
TO
CERTAIN 
DEFERRED INTEREST ARRANGEMENTS.—A creditor 
may allocate the entire amount paid by the con-
sumer in excess of the required minimum periodic 
payment to a balance on which interest is deferred 
during the 2 billing cycles immediately preceding the 
expiration of the period during which interest is de-
ferred. 
‘‘(3) PROHIBITION ON RESTRICTED GRACE PE-
RIODS UNDER CERTAIN CIRCUMSTANCES.—If, with 
respect to any credit card account under an open 
end consumer credit plan, a creditor offers a time 
period in which to repay credit extended without in-
curring finance charges to cardholders who pay the 
balance in full, the creditor may not deny a con-
sumer who takes advantage of a promotional rate 
balance or deferred interest rate balance offer with 
respect to such an account any such time period for 
repaying credit without incurring finance charges.’’. 
(g) TIMELY
PROVISION
OF
PERIODIC
STATE-
MENTS.—Section 127B of the Truth in Lending Act is 
amended by inserting after subsection (j) (as added by 
subsection (f)) the following new subsection: 
‘‘(k) TIMELY
PROVISION
OF
PERIODIC
STATE-
MENTS.—Each periodic statement with respect to a credit 
card account under an open end consumer credit plan 
shall be sent by the creditor to the consumer not less than 
21 calendar days before the due date identified in such
statement for the next payment on the outstanding bal-
ance on such account, and section 163(a) shall be applied 
with respect to any such account by substituting ‘21’ for 
‘fourteen’.’’. 
(h) DUE DATES.—Section 127B of the Truth in 
Lending Act is amended by inserting after subsection (k) 
(as added by subsection (g)) the following new subsection: 
‘‘(l) DUE DATES.—If the date established by a cred-
itor as the date on which a periodic payment on a credit 
card account under an open end consumer credit plan is 
due is a day on which mail is either not delivered to such 
creditor or is not accepted by the creditor for processing 
on such day, the creditor may not treat the receipt by the 
creditor of any such periodic payment by mail as of the 
next business day of the creditor as late for any purpose.’’. 
(i) AVAILABILITY OF LEGITIMATE AND ACCREDITED 
CREDIT COUNSELING.—The Board of Governors of the 
Federal Reserve System shall suggest appropriate guide-
lines for creditors to follow with respect to credit card ac-
counts under open end consumer credit plans to supply 
consumer cardholders with information regarding the 
availability of legitimate and accredited credit counseling 
services.
SEC. 4. CONSUMER CHOICE WITH RESPECT TO OVER-THE- 
LIMIT TRANSACTIONS. 
Section 127B of the Truth in Lending Act is amend-
ed by inserting after subsection (l) (as added by section 
3(h)) the following new subsections: 
‘‘(m) OPT-IN
REQUIRED
FOR
OVER-THE-LIMIT 
TRANSACTIONS IF FEES ARE IMPOSED.— 
‘‘(1) IN GENERAL.—In the case of any credit 
card account under an open end consumer credit 
plan under which an over-the-limit-fee may be im-
posed by the creditor for any extension of credit in 
excess of the amount of credit authorized to be ex-
tended under such account, no such fee shall be 
charged unless the consumer has elected to permit 
the creditor, with respect to such account, to com-
plete transactions involving the extension of credit, 
with respect to such account, in excess of the 
amount of credit authorized. 
‘‘(2) DISCLOSURE BY CREDITOR.—No election 
by a consumer under paragraph (1) shall take effect 
unless the consumer, before making such election, 
received a notice from the creditor of any over-the- 
limit fee in the form and manner, and at the time, 
determined by the Board.
‘‘(3) FORM OF ELECTION.—A consumer may 
make the election referred to in paragraph (1) orally 
or in writing. 
‘‘(4) TIME
OF
ELECTION.—A consumer may 
make the election referred to in paragraph (1) at 
any time and it shall be effective until the election 
is revoked by the consumer orally or in writing. 
‘‘(5) REGULATIONS.— 
‘‘(A) IN GENERAL.—The Board shall issue 
regulations allowing for the completion of over- 
the-limit transactions that for operational rea-
sons exceed the credit limit by a de minimis 
amount, even where the cardholder has not 
made an election under paragraph (1). 
‘‘(B) SUBJECT TO NO FEE LIMITATION.— 
The regulations prescribed under subparagraph 
(A) shall not allow for the imposition of any fee 
or any rate increase based on the permitted 
over-the-limit transactions with respect to the 
account of any cardholder who has not made 
the election in paragraph (1). 
‘‘(C) DISCLOSURES.—The Board shall pre-
scribe regulations governing any disclosure 
under this subsection.
‘‘(n) OVER-THE-LIMIT FEE RESTRICTIONS.—With 
respect to a credit card account under an open end con-
sumer credit plan, an over-the-limit fee may be imposed 
only once during a billing cycle if, on the last day of such 
billing cycle, the credit limit on the account is exceeded, 
and an over-the-limit fee, with respect to such excess cred-
it, may be imposed only once in each of the 2 subsequent 
billing cycles, unless the consumer has obtained an addi-
tional extension of credit in excess of such credit limit dur-
ing any such subsequent cycle or the consumer reduces 
the outstanding balance below the credit limit as of the 
end of such billing cycle. 
‘‘(o) OVER-THE-LIMIT FEES PROHIBITED IN CON-
JUNCTION WITH CERTAIN CREDIT HOLDS.—Notwith-
standing subsection (n), an over-the-limit fee may not be 
imposed if the credit limit was exceeded due to a hold un-
less the actual amount of the transaction for which the 
hold was placed would have resulted in the consumer ex-
ceeding the credit limit.’’. 
SEC. 5. STRENGTHEN CREDIT CARD INFORMATION COL-
LECTION. 
Section 136(b) of the Truth in Lending Act (15 
U.S.C. 1646(b)) is amended— 
(1) in paragraph (1)—
(A) 
by 
striking 
‘‘COLLECTION
RE-
QUIRED.—The Board shall’’ and inserting 
‘‘COLLECTION REQUIRED.— 
‘‘(A) IN GENERAL.—The Board shall’’. 
(B) by adding at the end the following new 
subparagraph: 
‘‘(B) INFORMATION
TO
BE
INCLUDED.— 
The information under subparagraph (A) shall 
include, for the relevant semiannual period, the 
following information with respect each creditor 
in connection with any consumer credit card ac-
count: 
‘‘(i) A list of each type of transaction 
or event during the semiannual period for 
which 1 or more creditors has imposed a 
separate interest rate upon a consumer 
credit card accountholder, including pur-
chases, cash advances, and balance trans-
fers. 
‘‘(ii) For each type of transaction or 
event identified under clause (i)— 
‘‘(I) each distinct interest rate 
charged by the card issuer to a con-
sumer credit card accountholder dur-
ing the semiannual period; and
‘‘(II) the number of cardholders 
to whom each such interest rate was 
applied during the last calendar 
month of the semiannual period, and 
the total amount of interest charged 
to such accountholders at each such 
rate during such month. 
‘‘(iii) A list of each type of fee that 1 
or more of the creditors has imposed upon 
a consumer credit card accountholder dur-
ing the semiannual period, including any 
fee imposed for obtaining a cash advance, 
making a late payment, exceeding the cred-
it limit on an account, making a balance 
transfer, or exchanging United States dol-
lars for foreign currency. 
‘‘(iv) For each type of fee identified 
under clause (iii), the number of account-
holders upon whom the fee was imposed 
during each calendar month of the semi-
annual period, and the total amount of 
fees imposed upon cardholders during such 
month. 
‘‘(v) The total number of consumer 
credit card accountholders that incurred
any finance charge or any other fee during 
the semiannual period. 
‘‘(vi) The total number of consumer 
credit card accounts maintained by each 
creditor as of the end of the semiannual 
period. 
‘‘(vii) The total number and value of 
cash advances made during the semiannual 
period under a consumer credit card ac-
count. 
‘‘(viii) The total number and value of 
purchases involving or constituting con-
sumer credit card transactions during the 
semiannual period. 
‘‘(ix) The total number and amount of 
repayments on outstanding balances on 
consumer credit card accounts in each 
month of the semiannual period. 
‘‘(x) The percentage of all consumer 
credit card accountholders (with respect to 
any creditor) who— 
‘‘(I) incurred a finance charge in 
each month of the semiannual period 
on any portion of an outstanding bal-
ance on which a finance charge had 
not previously been incurred; and 
‘‘(II) incurred any such finance 
charge at any time during the semi-
annual period. 
‘‘(xi) The total number and amount of 
balances accruing finance charges during 
the semiannual period. 
‘‘(xii) The total number and amount 
of the outstanding balances on consumer 
credit card accounts as of the end of such 
semiannual period. 
‘‘(xiii) Total credit limits in effect on 
consumer credit card accounts as of the 
end of such semiannual period and the 
amount by which such credit limits exceed 
the credit limits in effect as of the begin-
ning of such period. 
‘‘(xiv) Any other information related 
to interest rates, fees, or other charges 
that the Board deems of interest.’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(5) REPORT TO CONGRESS.—The Board shall, 
on an annual basis, transmit to Congress and make
public a report containing estimates by the Board of 
the approximate, relative percentage of income de-
rived by the credit card operations of depository in-
stitutions from— 
‘‘(A) the imposition of interest rates on 
cardholders, including separate estimates for— 
‘‘(i) interest with an annual percent-
age rate of less than 25 percent; and 
‘‘(ii) interest with an annual percent-
age rate equal to or greater than 25 per-
cent; 
‘‘(B) the imposition of fees on cardholders; 
‘‘(C) the imposition of fees on merchants; 
and 
‘‘(D) any other material source of income, 
while specifying the nature of that income.’’. 
SEC. 6. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF 
SUBPRIME OR ‘‘FEE HARVESTER’’ CARDS. 
Section 127B of the Truth in Lending Act is amend-
ed by inserting after subsection (o) (as added by section 
4) the following new subsection: 
‘‘(p) STANDARDS APPLICABLE TO INITIAL ISSUANCE 
OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.— 
‘‘(1) IN GENERAL.—In the case of any credit 
card account under an open end consumer credit
plan the terms of which require the payment of any 
fee (other than any late fee, any over-the-limit fee, 
or any fee for a payment returned for insufficient 
funds) by the consumer in the first year the account 
is opened in an amount in excess of 25 percent of 
the total amount of credit authorized under the ac-
count when the account is opened, no payment of 
any fee (other than any late fee, any over-the-limit 
fee, or any fee for a payment returned for insuffi-
cient funds) may be made from the credit made 
available by the card. 
‘‘(2) RULE OF CONSTRUCTION.—No provision 
of this subsection may be construed as authorizing 
any imposition or payment of advance fees otherwise 
prohibited by any provision of law.’’. 
SEC. 7. 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 fol-
lowing new paragraphs: 
‘‘(8) EXTENSIONS
OF
CREDIT
TO
UNDERAGE 
CONSUMERS.— 
‘‘(A) IN GENERAL.—No credit card may be 
knowingly issued to, or open end credit plan es-
tablished on behalf of, a consumer who has not
attained the age of 18, unless the consumer is 
emancipated under applicable State law or the 
parent or legal guardian of such consumer is 
designated as the primary account holder. 
‘‘(B) RULE OF CONSTRUCTION.—For the 
purposes of determining the age of an appli-
cant, the submission of a signed application by 
a consumer stating that the consumer is over 
18 shall be considered sufficient proof of age. 
‘‘(9) PROVISIONS
APPLICABLE
WITH
REGARD 
TO THE ISSUANCE OF CREDIT CARDS TO FULL-TIME, 
TRADITIONAL-AGED COLLEGE STUDENTS.— 
‘‘(A) DEFINITIONS.—For purposes of this 
paragraph, the following definitions shall apply: 
‘‘(i) COLLEGE STUDENT CREDIT CARD 
ACCOUNT
DEFINED.—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 student. 
‘‘(ii) COLLEGE STUDENT.—The term 
‘college student’ means an individual— 
‘‘(I) who is a full-time student 
attending an institution of higher edu-
cation; and
‘‘(II) who has attained the age of 
18 and has not yet attained the age of 
21. 
‘‘(iii) INSTITUTION OF HIGHER EDU-
CATION.—The term ‘institution of higher 
education’ has the same meaning as in sec-
tion 101(a) of the Higher Education Act of 
1965 (20 U.S.C. 1001(a)). 
‘‘(B) MAXIMUM AMOUNT LIMITATION AS A 
PERCENTAGE
OF
GROSS
INCOME.—Unless a 
parent, legal guardian, or spouse of a college 
student assumes joint liability for debts in-
curred by the student in connection with a col-
lege student credit card account— 
‘‘(i) the amount of credit which may 
be extended by any one creditor to the full- 
time college student may not exceed, dur-
ing any full calendar year, the greater of— 
‘‘(I) 20 percent of the annual 
gross income of the student; or 
‘‘(II) $500; and 
‘‘(ii) no creditor shall grant a student 
a credit card account, if the credit limit for 
that credit card account, combined with 
the credit limits of any other credit card
accounts held by the student, would exceed 
30 percent of the annual gross income of 
the student in the most recently completed 
calendar year. 
‘‘(C) PARENTAL APPROVAL REQUIRED TO 
INCREASE CREDIT LINES FOR ACCOUNTS FOR 
WHICH PARENT IS JOINTLY LIABLE.—No in-
crease may be made in the amount of credit au-
thorized to be extended under a college student 
credit card account for which a parent, legal 
guardian, or spouse of the consumer has as-
sumed joint liability for debts incurred by the 
consumer in connection with the account, before 
the consumer attains the age of 21, with re-
spect to such consumer, unless the parent, 
guardian, or spouse of the consumer, as appli-
cable, approves in writing, and assumes joint li-
ability for, such increase. 
‘‘(D) INCOME
VERIFICATION.—For pur-
poses of this paragraph, a creditor shall require 
adequate proof of income, income history, and 
credit history, subject to the rules of the Board, 
before any college student credit card account 
may be opened by or on behalf of a student.
‘‘(E) PROHIBITION
ON
MORE
THAN
CREDIT
CARD
ACCOUNT
FOR
ANY
COLLEGE 
STUDENT.—No creditor may open a credit card 
account for, or issue any credit card to, any col-
lege student who— 
‘‘(i) has no verifiable annual gross in-
come; and 
‘‘(ii) already maintains a credit card 
account under an open end consumer cred-
it plan with that creditor, or any affiliate 
thereof. 
‘‘(F) 
EXEMPTION
AUTHORITY.—The 
Board may, by rule, provide for exemptions to 
the provisions of this paragraph, as deemed 
necessary or appropriate by the Board, con-
sistent with the purposes of this paragraph.’’. 
SEC. 8. PROHIBIT FEES FOR PAYMENT ON CREDIT CARD 
ACCOUNTS BY TELEPHONE OR ELECTRONIC 
FUND TRANSFERS. 
Section 164 of the Truth in Lending Act (15 U.S.C. 
1666c) is amended— 
(1) by striking ‘‘Payments received’’ and insert-
ing ‘‘(a) IN GENERAL.—Payments received’’; and 
(2) by adding at the end the following new sub-
section:
‘‘(b) PAYMENT FEES.— 
‘‘(1) PROHIBITION ON FEE BASED ON MODE OF 
PAYMENT.—Except as provided in paragraph (2), in 
the case of a credit card account under an open end 
consumer credit plan, a creditor may not impose a 
fee on the obligor based on the particular manner in 
which the obligor makes a payment on such account. 
‘‘(2) EXCEPTION.—If the obligor requests to 
make an expedited payment on a credit card account 
under an open end consumer credit plan by tele-
phone on the date that a payment is due, or the day 
immediately preceding such date, the creditor may 
assess a fee for crediting the payment to the obli-
gor’s account on or by such date.’’. 
SEC. 9. REGULATIONS RELATING TO ACTIVE DUTY MILI-
TARY CONSUMERS AND RECENTLY DISABLED 
VETERANS. 
Section 127B of the Truth in Lending Act is amend-
ed by inserting after subsection (p) (as added by section 
6) the following new subsection: 
‘‘(q) REGULATIONS RELATING
TO ACTIVE DUTY 
MILITARY CONSUMERS AND RECENTLY DISABLED VET-
ERANS.—In the case of any credit card account, under an 
open end consumer credit plan, held by any veteran receiv-
ing compensation for a service-connected disability (as
such terms are defined in section 101 of title 38, United 
States Code) that occurred less than 2 years before or any 
active duty military consumer (as defined in section 
603(q)(2) of this Act) , the Board shall prescribe regula-
tions that prohibits the creditor with respect to such ac-
count from making adverse reports to any consumer re-
porting agency with respect while the consumer maintains 
status as such a veteran or as an active duty military con-
sumer.’’. 
SEC. 10. POSTING INFORMATION ON THE INTERNET. 
Section 122 of the Truth in Lending Act ( U.S.C. 
1632) is amended by adding at the end the following new 
subsection: 
‘‘(d) INTERNET POSTING OF CREDIT CARD AGREE-
MENTS.— 
‘‘(1) POSTING AGREEMENTS.—.A creditor shall 
establish and maintain an Internet site on which the 
creditor will post the written agreement between the 
creditor and the consumer for each open-end con-
sumer credit plan not secured by a dwelling that has 
a credit card feature. 
‘‘(2) PROVIDING COPY OF CONTRACTS TO THE 
BOARD.—A creditor shall provide to the Board in 
electronic format, the consumer credit card agree-
ments that the creditor publishes on the creditor’s 
Internet site. 
‘‘(3) RECORD REPOSITORY.—The Board shall 
establish and maintain on its publically available 
Internet site a central repository of the consumer 
credit card agreements received from the creditors 
pursuant to this subsection and such agreements 
shall be easily accessible and retrievable. 
‘‘(4) EXCEPTION.—Paragraphs (1) and (2) 
shall not apply to individually negotiated changes to 
contractual 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 consulta-
tion with the other agencies described in section 108 
and the Federal Trade Commission, may prescribe 
regulations to implement this subsection, includ-
ing— 
‘‘(A) specifying the format for posting the 
agreements on the creditor’s Internet site; and 
‘‘(B) establishing exceptions to paragraphs 
(1) and (2) in cases where the administrative 
burden outweighs the benefit of increased trans-
parency, such as where a credit card plan has
a de minimis number of consumer account hold-
ers’’. 
SEC. 11. ENHANCED MINIMUM PAYMENT DISCLOSURES. 
Paragraph (11) of section 127(b) of the Truth in 
Lending Act (15 U.S.C. 1637(b)(11)) is amended to read 
as follows: 
‘‘(11) MINIMUM PAYMENT DISCLOSURES.— 
‘‘(A) MINIMUM
PAYMENT
WARNING.—A 
written statement in the following form: ‘Min-
imum Payment Warning: Making only the min-
imum payment will increase the interest you 
pay and the time it takes to repay your bal-
ance.’. 
‘‘(B) 
INFORMATION
ON
OUTSTANDING 
BALANCE.—Not less than once per calendar 
quarter, such billing statement shall also in-
clude 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 entire amount of that balance, if 
the consumer pays only the required min-
imum monthly payments and if no further 
advances are made;
‘‘(ii) the total cost to the consumer, 
including interest 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 12 
months, 24 months, and 36 months, if no 
further advances are made, and the total 
cost to the consumer, including interest 
and principal payments, of paying that bal-
ance in full if the consumer pays the bal-
ance over 12, 24, or 36 months, respec-
tively; and 
‘‘(iv) a toll-free telephone number at 
which the consumer may receive informa-
tion about accessing credit counseling and 
debt management services. 
‘‘(C) EXCEPTION
TO
REQUIREMENTS
OF 
SUBSECTION (B).—The quarterly disclosure re-
quirements in subsection (B) shall not apply 
with respect to— 
‘‘(i) a calendar quarter if, in the 2 
consecutive billing cycles preceding the end
of such quarter, a consumer has paid the 
entire balance of the bill in full; 
‘‘(ii) a calendar quarter if, at the end 
of the calendar quarter, a consumer has an 
outstanding credit balance of zero or has a 
positive credit; or 
‘‘(iii) any class of consumers for which 
the Board has determined will not benefit 
substantially from additional disclosures. 
‘‘(D) APPLICABLE RATES TO BE USED IN 
DISCLOSURES.— 
‘‘(i) IN GENERAL.—Subject to clause 
(ii), in making the disclosures under sub-
paragraph (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) SPECIAL RULE IN CASE OF TEM-
PORARY RATE.—If the interest rate in ef-
fect 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 adjustment, 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 applicable billing date. 
‘‘(E) FORM AND PROMINENCE OF DISCLO-
SURE.—All of the information described in sub-
paragraph (B) shall— 
‘‘(i) be disclosed in the form and man-
ner which the Board shall prescribe, by 
regulation, and in a manner that avoids 
duplication; and 
‘‘(ii) be placed in a conspicuous and 
prominent location on the billing statement 
in conspicuous typeface. 
‘‘(F) TABULAR FORMAT.—In the regula-
tions prescribed under subparagraph (D), the 
Board shall require that the disclosure of such 
information shall be in the form of a table 
that— 
‘‘(i) contains clear and concise head-
ings for each item of such information; and
‘‘(ii) provides a clear and concise form 
stating each item of information required 
to be disclosed under each such heading. 
‘‘(G) LOCATION AND ORDER OF TABLE.— 
In prescribing the form of the table under sub-
paragraph (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 described in subpara-
graph (B). 
‘‘(H) SUBSTITUTION OF TERMINOLOGY.— 
In prescribing the form of the table under sub-
paragraph (D), the Board may employ termi-
nology which is different than the terminology 
used in subparagraph (B), if such terminology 
is more easily understood and conveys substan-
tially the same meaning. 
‘‘(I) ‘ROUNDING’ REGULATIONS.—For pur-
poses of determining whether an error in the 
disclosures required by subparagraph (B) con-
stitutes a legal cause of action against a cred-
itor or any other party, the standard referred to 
under the heading ‘Rounding assumed pay-
ments, current balance and interest charges to 
the nearest cent’ in the publication by the 
Board in the Federal Register (74 Fed. Reg. 
5385) on January 29, 2009, of the final regula-
tion revising part 226 of title 12 of the Code 
of Federal Regulations (Regulation Z), or a 
standard that affords substantially similar pro-
tections as determined by the Board, shall 
apply for purposes of the determination with re-
gard to such disclosures.’’. 
SEC. 12. 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 there-
after, except as provided in subsection (c)(2), the Board 
shall conduct a review, within the limits of its existing re-
sources 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 expense 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 
Credit Cardholders’ Bill of Rights Act of 2009 has 
resulted in— 
(A) higher annual percentage rates of in-
terest, on average, for credit card users than 
the average of such rates of interest in effect 
before the effective date of the Act; 
(B) the imposition of annual fees or other 
credit card fees— 
(i) that did not exist before such ef-
fective date; 
(ii) at a higher average rate of appli-
cability than existed before such effective 
date; or 
(iii) with higher average costs to the 
consumer than were in effect before such 
effective date; 
(C) an increase in the rate of denial of— 
(i) new credit card accounts for con-
sumers; or 
(ii) new extensions of credit, or addi-
tional lines of credit, for existing credit ac-
counts established before such effective 
date; or 
(D) any other adverse or negative condi-
tion or effect on consumers. 
(b) SOLICITATION OF PUBLIC COMMENT.—In con-
nection with conducting the review required by subsection 
(a), the Board shall solicit comment from consumers, cred-
it card issuers, and other interested parties, such as 
through hearings 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 dis-
closures and protections for consumer 
credit cards as appropriate; or 
(ii) states the reason for the Board’s 
determination that new or revised regula-
tions are not proposed.
(2) REVISION OF REVIEW PERIOD FOLLOWING 
MATERIAL
REVISION
OF
REGULATIONS.—In the 
event the Board materially revises regulations on 
consumer credit card plans, a review need not be 
conducted until 2 years following the effective date 
of the revised regulations, which thereafter shall be-
come the new date for the biennial review required 
by subsection (a). 
(d) BOARD REPORT TO THE CONGRESS.—The Board 
shall report to the Congress no 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 recommenda-
tions for legislation. 
(e) ADDITIONAL REPORTING.—The Federal banking 
agencies 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 supervisory and en-
forcement activities of the agencies with respect to credit 
card issuers’ compliance with applicable Federal consumer 
protection statutes and regulations including— 
(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, such as part 227 of title 12 
of the Code of Federal Regulations as prescribed by 
the Board (Regulation AA). 
SEC. 13. SOLICITATIONS REQUIRED TO INCLUDE WARNING 
ON ADVERSE EFFECTS OF EXCESSIVE CRED-
IT INQUIRIES. 
Section 127(c)(1)(B) of the Truth in Lending Act 
(15 U.S.C. 1637(c)(1)(B)) is amended by adding at the 
end the following new clause: 
‘‘(iv) EXCESSIVE
CREDIT
INQUIR-
IES.—A warning that excessive credit in-
quiries, which occur in connection with 
credit applications and solicitations and 
under other circumstances, can have an 
adverse effect on a consumer credit 
score.’’. 
SEC. 14. READABILITY REQUIREMENT. 
Section 122 of the Truth in Lending Act (U.S.C. 
1632) is amended by adding at the end the following new 
subsection: 
‘‘(d) MINIMUM TYPE-SIZE AND FONT REQUIREMENT 
FOR CREDIT CARD APPLICATIONS AND DISCLOSURES.— 
All written information, provisions, and terms in or on any
application, solicitation, contract, or agreement for any 
credit card account under an open end consumer credit 
plan, and all written information included in or on any 
disclosure required under this chapter with respect to any 
such account, shall appear— 
‘‘(1) in not less than 12-point type; and 
‘‘(2) in any font other than a font which the 
Board has designated, in regulations under this sec-
tion, as a font that inhibits readability.’’. 
SEC. 15. 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 6-month period beginning on the 
date of the enactment of this Act, the Board of Governors 
of the Federal Reserve System, 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 report 
to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate on the extent to which, 
during the 3-year period ending on such date of enact-
ment, creditors have reduced credit limits or raised inter-
est rates applicable to credit card accounts under open end 
consumer credit plans based on— 
(1) the geographical location where a credit 
transaction with the consumer takes place or the 
identity of the merchant involved in the transaction; 
(2) the consumer’s credit transactions, includ-
ing 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 consumer’s 
use of such credit card account; and 
(3) the identity of the mortgage creditor which 
extended or holds the mortgage loan secured by the 
consumer’s primary residence. 
(b) OTHER
INFORMATION.—The report required 
under subsection (a) shall also include— 
(1) the number and identity of creditors that 
have engaged in the practices described in subsection 
(a); 
(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 regu-
latory or statutory changes that may be needed to 
restrict or prevent such practices. 
SEC. 16. PROCEDURE FOR TIMELY SETTLEMENTS OF DECE-
DENT OBLIGORS’ ESTATES. 
(a) IN GENERAL.—Chapter 2 of the Truth in Lend-
ing Act ( U.S.C. 1631 et seq.) is amended by adding at 
the end the following new section: 
‘‘§ 140A Procedure for timely settlements of decedent 
obligors’ estates 
‘‘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 obli-
gor with respect to such account can resolve outstanding 
credit balances in a timely manner.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 2 of the Truth in Lending Act is amended 
by inserting after the item relating to section 140 the fol-
lowing new item: 
‘‘140A. Procedure for timely settlements of decedent obligors’ estates.’’.
SEC. 17. INTERIM IMPLEMENTATION REPORTS TO THE 
CONGRESS. 
The Chairman of the Board of Governors of the Fed-
eral Reserve System shall submit a report each 90 days 
after the date of the enactment of this Act on the level 
of implementation of the regulations required to be pre-
scribed under this Act to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate until the Chairman can report full industry imple-
mentation. 
SEC. 18. DISCLOSURE REQUIREMENT FOR STORES ACCEPT-
ING CREDIT CARD ACCOUNT APPLICATIONS. 
(a) IN GENERAL.—Section 122 of the Truth in Lend-
ing Act (15 U.S.C. 1632) is amended by adding at the 
end the following: 
‘‘(d) SIGNS
REQUIRED
ON
CERTAIN
PREMISES 
WHERE CREDIT CARD ACCOUNT APPLICATIONS ACCEPT-
ED.— 
‘‘(1) IN GENERAL.—A person who sells personal 
property to consumers on a business premises and 
makes available to consumers on such premises any 
application to open a credit card account under an 
open end consumer credit plan, and where such per-
son is the issuer of such account, shall display in the 
premises on a sign any information that is subject
to subsection (c) and that is required to be disclosed 
by the person on that application. 
‘‘(2) FORMAT.—Such information shall be dis-
played on the sign in the form and manner which 
the Board shall prescribe by regulations and which, 
to the extent practicable and appropriate, shall be 
consistent with the form and manner required for 
the disclosure of such information on the credit card 
application. 
‘‘(3) SIGN PLACEMENT.—Such signs shall be 
conspicuously placed at each location on the prem-
ises where the credit card application may be sub-
mitted by the consumer.’’. 
(b) CONFORMING AMENDMENT.—Section 111(e) of 
the Truth in Lending Act (15 U.S.C. 1610(e)) is amended 
by adding at the end the following: 
‘‘Section 122(d) shall supersede State laws relating 
to store display of the information that is subject to the 
requirements of such section, except that any State may 
employ or establish State laws for the purpose of enforcing 
the requirements of such section.’’. 
SEC. 19. EFFECTIVE DATE. 
(a) IN GENERAL.—Except as provided in subsection 
(c) for the period described in such subsection, the amend-
ments made by this Act shall apply to all credit card ac-
counts under open end consumer credit plans after the 
earlier of— 
(1) the end of the 12-month period beginning 
on the date of the enactment of this Act; or 
(2) June 30, 2010. 
(b) REGULATIONS.—Except as provided in subsection 
(c) for the period described in such subsection, the Board 
of Governors of the Federal Reserve System, in consulta-
tion with the Comptroller of the Currency, the Director 
of the Office of Thrift Supervision, the Federal Deposit 
Insurance Corporation, the National Credit Union Admin-
istration Board, and the Federal Trade Commission, shall 
prescribe regulations, in final form, implementing the 
amendments made by this Act before the earlier of— 
(1) the end of the 5-month period beginning on 
the date of the enactment of this Act; or 
(2) June 1, 2010. 
(c) INTERIM EFFECTIVE PERIOD FOR ADVANCE NO-
TICES OF RATE INCREASES.— 
(1) IN GENERAL.—During the period beginning 
90 days after the date of the enactment of this Act 
and ending on the effective date of all the amend-
ments under this Act as determined pursuant to 
subsection (a), no increase in any annual percentage 
rate of interest on any credit card account under an