fective beginning 3 business days after the creditor 
receives notice from the consumer in accordance 
with paragraph (2) and shall remain effective until 
the consumer revokes the election. 
‘‘(4) NOTIFICATION
SYSTEM.—Each creditor 
that maintains credit card accounts under an open 
end consumer credit plan shall establish and main-
tain a notification system, including a toll-free tele-
phone number, Internet address, and Worldwide 
Web site, which permits any consumer whose credit 
card account is maintained by the creditor to notify 
the creditor of an election under this subsection in 
accordance with paragraph (2). 
‘‘(5) ANNUAL
NOTICE
TO
CONSUMERS
OF 
AVAILABILITY OF ELECTION.—In the case of any 
credit card account under an open end consumer 
credit plan, the creditor shall include a notice, in 
clear and conspicuous language, of the availability of 
an election by the consumer under this paragraph as 
a means of avoiding over-the limit fees and a higher 
amount of indebtedness, and the method for pro-
viding such notice— 
‘‘(A) in the periodic statement required 
under subsection (b) with respect to such ac-
count at least once each calendar year; and
‘‘(B) in any such periodic statement which 
includes a notice of the imposition of an over- 
the-limit fee during the period covered by the 
statement. 
‘‘(6) NO
FEES
IF
CONSUMER
HAS
MADE
AN 
ELECTION.—If a consumer has made an election 
under paragraph (1), no over-the-limit fee may be 
imposed on the account for any reason that has 
caused the outstanding balance in the account to ex-
ceed the credit limit. 
‘‘(7) 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 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. 
‘‘(l) OVER-THE-LIMIT FEE RESTRICTIONS.—With re-
spect to a credit card account under an open end consumer 
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 credit, may 
be imposed only once in each of the 2 subsequent billing 
cycles, unless the consumer has obtained an additional ex-
tension of credit in excess of such credit limit during any 
such subsequent cycle or the consumer reduces the out-
standing balance below the credit limit as of the end of 
such billing cycle. 
‘‘(m) OVER-THE-LIMIT FEES PROHIBITED IN CON-
JUNCTION WITH CERTAIN CREDIT HOLDS.—Notwith-
standing subsection (l), 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 
accountholders upon whom the fee was im-
posed during each calendar month of the 
semiannual 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