Credit CARD Act of 2009
PL 111-24 (H.R.627), enacted 05/22/2009

123 STAT. 1734 
PUBLIC LAW 111–24—MAY 22, 2009 
Public Law 111–24 
111th Congress 
An Act 
To amend the Truth in Lending Act to establish fair and transparent practices 
relating to the extension of credit under an open end consumer credit plan, 
and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Credit Card 
Accountability Responsibility and Disclosure Act of 2009’’ or the 
‘‘Credit CARD Act of 2009’’. 
(b) TABLE OF CONTENTS.— 
The table of contents for this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Regulatory authority. 
Sec. 3. Effective date. 
TITLE I—CONSUMER PROTECTION 
Sec. 101. Protection of credit cardholders. 
Sec. 102. Limits on fees and interest charges. 
Sec. 103. Use of terms clarified. 
Sec. 104. Application of card payments. 
Sec. 105. Standards applicable to initial issuance of subprime or ‘‘fee harvester’’ 
cards. 
Sec. 106. Rules regarding periodic statements. 
Sec. 107. Enhanced penalties. 
Sec. 108. Clerical amendments. 
Sec. 109. Consideration of Ability to repay. 
TITLE II—ENHANCED CONSUMER DISCLOSURES 
Sec. 201. Payoff timing disclosures. 
Sec. 202. Requirements relating to late payment deadlines and penalties. 
Sec. 203. Renewal disclosures. 
Sec. 204. Internet posting of credit card agreements. 
Sec. 205. Prevention of deceptive marketing of credit reports. 
TITLE III—PROTECTION OF YOUNG CONSUMERS 
Sec. 301. Extensions of credit to underage consumers. 
Sec. 302. Protection of young consumers from prescreened credit offers. 
Sec. 303. Issuance of credit cards to certain college students. 
Sec. 304. Privacy Protections for college students. 
Sec. 305. College Credit Card Agreements. 
TITLE IV—GIFT CARDS 
Sec. 401. General-use prepaid cards, gift certificates, and store gift cards. 
Sec. 402. Relation to State laws. 
Sec. 403. Effective date. 
TITLE V—MISCELLANEOUS PROVISIONS 
Sec. 501. Study and report on interchange fees. 
Sec. 502. Board review of consumer credit plans and regulations. 
15 USC 1601 
note. 
Credit Card 
Accountability 
Responsibility 
and Disclosure 
Act of 2009. 
May 22, 2009 
[H.R. 627] 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00278
Fmt 6580
Sfmt 6582
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1735 
PUBLIC LAW 111–24—MAY 22, 2009 
Sec. 503. Stored value. 
Sec. 504 Procedure for timely settlement of estates of decedent obligors. 
Sec. 505. Report to Congress on reductions of consumer credit card limits based on 
certain information as to experience or transactions of the consumer. 
Sec. 506. Board review of small business credit plans and recommendations. 
Sec. 507. Small business information security task force. 
Sec. 508. Study and report on emergency pin technology. 
Sec. 509. Study and report on the marketing of products with credit offers. 
Sec. 510. Financial and economic literacy. 
Sec. 511. Federal trade commission rulemaking on mortgage lending. 
Sec. 512. Protecting Americans from violent crime. 
Sec. 513. GAO study and report on fluency in the English language and financial 
literacy. 
SEC. 2. REGULATORY AUTHORITY. 
The Board of Governors of the Federal Reserve System (in 
this Act referred to as the ‘‘Board’’) may issue such rules and 
publish such model forms as it considers necessary to carry out 
this Act and the amendments made by this Act. 
SEC. 3. EFFECTIVE DATE. 
This Act and the amendments made by this Act shall become 
effective 9 months after the date of enactment of this Act, except 
as otherwise specifically provided in this Act. 
TITLE I—CONSUMER PROTECTION 
SEC. 101. PROTECTION OF CREDIT CARDHOLDERS. 
(a) ADVANCE NOTICE OF RATE INCREASE AND OTHER CHANGES 
REQUIRED.— 
(1) AMENDMENT
TO
TILA.—Section 127 of the Truth in 
Lending Act (15 U.S.C. 1637) is amended by adding at the 
end the following: 
‘‘(i) ADVANCE NOTICE OF RATE INCREASE AND OTHER CHANGES 
REQUIRED.— 
‘‘(1) ADVANCE
NOTICE
OF
INCREASE
IN
INTEREST
RATE 
REQUIRED.—In the case of any credit card account under an 
open end consumer credit plan, a creditor shall provide a writ-
ten notice of an increase in an annual percentage rate (except 
in the case of an increase described in paragraph (1), (2), 
or (3) of section 171(b)) not later than 45 days prior to the 
effective date of the increase. 
‘‘(2) ADVANCE
NOTICE
OF
OTHER
SIGNIFICANT
CHANGES 
REQUIRED.—In the case of any credit card account under an 
open end consumer credit plan, a creditor shall provide a writ-
ten notice of any significant change, as determined by rule 
of the Board, in the terms (including an increase in any fee 
or finance charge, other than as provided in paragraph (1)) 
of the cardholder agreement between the creditor and the 
obligor, not later than 45 days prior to the effective date of 
the change. 
‘‘(3) NOTICE OF RIGHT TO CANCEL.—Each notice required 
by paragraph (1) or (2) shall be made in a clear and conspicuous 
manner, and shall contain a brief statement of the right of 
the obligor to cancel the account pursuant to rules established 
by the Board before the effective date of the subject rate 
increase or other change. 
‘‘(4) RULE OF CONSTRUCTION.—Closure or cancellation of 
an account by the obligor shall not constitute a default under 
Deadline. 
Deadline. 
15 USC 1602 
note. 
15 USC 1602 
note. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00279
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1736 
PUBLIC LAW 111–24—MAY 22, 2009 
an existing cardholder agreement, and shall not trigger an 
obligation to immediately repay the obligation in full or through 
a method that is less beneficial to the obligor than one of 
the methods described in section 171(c)(2), or the imposition 
of any other penalty or fee.’’. 
(2) EFFECTIVE DATE.—Notwithstanding section 3, section 
127(i) of the Truth in Lending Act, as added by this subsection, 
shall become effective 90 days after the date of enactment 
of this Act. 
(b) RETROACTIVE INCREASE AND UNIVERSAL DEFAULT PROHIB-
ITED.—Chapter 4 of the Truth in Lending Act (15 U.S.C. 1666 
et seq.) is amended— 
(1) by redesignating section 171 as section 173; and 
(2) by inserting after section 170 the following: 
‘‘SEC. 171. LIMITS ON INTEREST RATE, FEE, AND FINANCE CHARGE 
INCREASES APPLICABLE TO OUTSTANDING BALANCES. 
‘‘(a) IN GENERAL.—In the case of any credit card account under 
an open end consumer credit plan, no creditor may increase any 
annual percentage rate, fee, or finance charge applicable to any 
outstanding balance, except as permitted under subsection (b). 
‘‘(b) EXCEPTIONS.—The prohibition under subsection (a) shall 
not apply to— 
‘‘(1) an increase in an annual percentage rate upon the 
expiration of a specified period of time, provided that— 
‘‘(A) prior to commencement of that period, the creditor 
disclosed to the consumer, in a clear and conspicuous 
manner, the length of the period and the annual percentage 
rate that would apply after expiration of the period; 
‘‘(B) the increased annual percentage rate does not 
exceed the rate disclosed pursuant to subparagraph (A); 
and 
‘‘(C) the increased annual percentage rate is not applied 
to transactions that occurred prior to commencement of 
the period; 
‘‘(2) an increase in a variable annual percentage rate in 
accordance with a credit card agreement that provides for 
changes in the rate according to operation of an index that 
is not under the control of the creditor and is available to 
the general public; 
‘‘(3) an increase due to the completion of a workout or 
temporary hardship arrangement by the obligor or the failure 
of the obligor to comply with the terms of a workout or tem-
porary hardship arrangement, provided that— 
‘‘(A) the annual percentage rate, fee, or finance charge 
applicable to a category of transactions following any such 
increase does not exceed the rate, fee, or finance charge 
that applied to that category of transactions prior to 
commencement of the arrangement; and 
‘‘(B) the creditor has provided the obligor, prior to 
the commencement of such arrangement, with clear and 
conspicuous disclosure of the terms of the arrangement 
(including any increases due to such completion or failure); 
or 
‘‘(4) an increase due solely to the fact that a minimum 
payment by the obligor has not been received by the creditor 
Deadlines. 
15 USC 1666i–1. 
15 USC 1666j. 
15 USC 1637 
note. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00280
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1737 
PUBLIC LAW 111–24—MAY 22, 2009 
within 60 days after the due date for such payment, provided 
that the creditor shall— 
‘‘(A) include, together with the notice of such increase 
required under section 127(i), a clear and conspicuous writ-
ten statement of the reason for the increase and that 
the increase will terminate not later than 6 months after 
the date on which it is imposed, if the creditor receives 
the required minimum payments on time from the obligor 
during that period; and 
‘‘(B) terminate such increase not later than 6 months 
after the date on which it is imposed, if the creditor receives 
the required minimum payments on time during that 
period. 
‘‘(c) REPAYMENT OF OUTSTANDING BALANCE.— 
‘‘(1) IN GENERAL.—The creditor shall not change the terms 
governing the repayment of any outstanding balance, except 
that the creditor may provide the obligor with one of the 
methods described in paragraph (2) of repaying any outstanding 
balance, or a method that is no less beneficial to the obligor 
than one of those methods. 
‘‘(2) METHODS.—The methods described in this paragraph 
are— 
‘‘(A) an amortization period of not less than 5 years, 
beginning on the effective date of the increase set forth 
in the notice required under section 127(i); or 
‘‘(B) a required minimum periodic payment that 
includes a percentage of the outstanding balance that is 
equal to not more than twice the percentage required before 
the effective date of the increase set forth in the notice 
required under section 127(i). 
‘‘(d) OUTSTANDING BALANCE DEFINED.—For purposes of this 
section, the term ‘outstanding balance’ means the amount owed 
on a credit card account under an open end consumer credit plan 
as of the end of the 14th day after the date on which the creditor 
provides notice of an increase in the annual percentage rate, fee, 
or finance charge in accordance with section 127(i).’’. 
(c) INTEREST RATE REDUCTION ON OPEN END CONSUMER CREDIT 
PLANS.—Chapter 3 of the Truth in Lending Act (15 U.S.C. 1661 
et seq.) is amended by adding at the end the following: 
‘‘SEC. 148. INTEREST RATE REDUCTION ON OPEN END CONSUMER 
CREDIT PLANS. 
‘‘(a) IN GENERAL.—If a creditor increases the annual percentage 
rate applicable to a credit card account under an open end consumer 
credit plan, based on factors including the credit risk of the obligor, 
market conditions, or other factors, the creditor shall consider 
changes in such factors in subsequently determining whether to 
reduce the annual percentage rate for such obligor. 
‘‘(b) REQUIREMENTS.—With respect to any credit card account 
under an open end consumer credit plan, the creditor shall— 
‘‘(1) maintain reasonable methodologies for assessing the 
factors described in subsection (a); 
‘‘(2) not less frequently than once every 6 months, review 
accounts as to which the annual percentage rate has been 
increased since January 1, 2009, to assess whether such factors 
have changed (including whether any risk has declined); 
Deadlines. 
Review. 
15 USC 1665c. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00281
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1738 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(3) reduce the annual percentage rate previously increased 
when a reduction is indicated by the review; and 
‘‘(4) in the event of an increase in the annual percentage 
rate, provide in the written notice required under section 127(i) 
a statement of the reasons for the increase. 
‘‘(c) RULE OF CONSTRUCTION.—This section shall not be con-
strued to require a reduction in any specific amount. 
‘‘(d) RULEMAKING.—The Board shall issue final rules not later 
than 9 months after the date of enactment of this section to imple-
ment the requirements of and evaluate compliance with this section, 
and subsections (a), (b), and (c) shall become effective 15 months 
after that date of enactment.’’. 
(d) INTRODUCTORY
AND PROMOTIONAL RATES.—Chapter 4 of 
the Truth in Lending Act (15 U.S.C. 1666 et seq.) is amended 
by inserting after section 171, as amended by this Act, the following: 
‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES. 
‘‘(a) LIMITATION ON INCREASES WITHIN FIRST YEAR.—Except 
in the case of an increase described in paragraph (1), (2), (3), 
or (4) of section 171(b), no increase in any annual percentage 
rate, fee, or finance charge on any credit card account under an 
open end consumer credit plan shall be effective before the end 
of the 1-year period beginning on the date on which the account 
is opened. 
‘‘(b) PROMOTIONAL RATE MINIMUM TERM.—No increase in any 
annual percentage rate applicable to a credit card account under 
an open end consumer credit plan that is a promotional rate (as 
that term is defined by the Board) shall be effective before the 
end of the 6-month period beginning on the date on which the 
promotional rate takes effect, subject to such reasonable exceptions 
as the Board may establish, by rule.’’. 
(e) CLERICAL AMENDMENT.—The table of sections for chapter 
4 of the Truth in Lending Act is amended by striking the item 
relating to section 171 and inserting the following: 
‘‘171. Limits on interest rate, fee, and finance charge increases applicable to out-
standing balances. 
‘‘172. Additional limits on interest rate increases. 
‘‘173. Applicability of State laws.’’. 
SEC. 102. LIMITS ON FEES AND INTEREST CHARGES. 
(a) IN GENERAL.—Section 127 of the Truth in Lending Act 
(15 U.S.C. 1637) is amended by adding at the end the following: 
‘‘(j) PROHIBITION ON PENALTIES FOR ON-TIME PAYMENTS.— 
‘‘(1) PROHIBITION ON DOUBLE-CYCLE BILLING AND PENALTIES 
FOR ON-TIME PAYMENTS.—Except as provided in paragraph (2), 
a creditor may not impose any finance charge on a credit 
card account under an open end consumer credit plan as a 
result of the loss of any time period provided by the creditor 
within which the obligor may repay any portion of the credit 
extended without incurring a finance charge, with respect to— 
‘‘(A) any balances for days in billing cycles that precede 
the most recent billing cycle; or 
‘‘(B) any balances or portions thereof in the current 
billing cycle that were repaid within such time period. 
‘‘(2) EXCEPTIONS.—Paragraph (1) does not apply to— 
‘‘(A) any adjustment to a finance charge as a result 
of the resolution of a dispute; or 
Time periods. 
15 USC 1666i–2. 
Deadline. 
Effective date. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00282
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1739 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(B) any adjustment to a finance charge as a result 
of the return of a payment for insufficient funds. 
‘‘(k) 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 imposed by the creditor for any extension 
of credit in excess of the amount of credit authorized to be 
extended under such account, no such fee shall be charged, 
unless the consumer has expressly elected to permit the cred-
itor, with respect to such account, to complete transactions 
involving the extension of credit under 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. If the consumer makes the 
election referred to in paragraph (1), the creditor shall provide 
notice to the consumer of the right to revoke the election, 
in the form prescribed by the Board, in any periodic statement 
that includes notice of the imposition of an over-the-limit fee 
during the period covered by the statement. 
‘‘(3) FORM OF ELECTION.—A consumer may make or revoke 
the election referred to in paragraph (1) orally, electronically, 
or in writing, pursuant to regulations prescribed by the Board. 
The Board shall prescribe regulations to ensure that the same 
options are available for both making and revoking such elec-
tion. 
‘‘(4) TIME OF ELECTION.—A consumer may make the election 
referred to in paragraph (1) at any time, and such election 
shall be effective until the election is revoked in the manner 
prescribed under paragraph (3). 
‘‘(5) REGULATIONS.—The Board shall prescribe regula-
tions— 
‘‘(A) governing disclosures under this subsection; and 
‘‘(B) that prevent unfair or deceptive acts or practices 
in connection with the manipulation of credit limits 
designed to increase over-the-limit fees or other penalty 
fees. 
‘‘(6) RULE OF CONSTRUCTION.—Nothing in this subsection 
shall be construed to prohibit a creditor from completing an 
over-the-limit transaction, provided that a consumer who has 
not made a valid election under paragraph (1) is not charged 
an over-the-limit fee for such transaction. 
‘‘(7) RESTRICTION ON FEES CHARGED FOR AN OVER-THE-LIMIT 
TRANSACTION.—With respect 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 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 extension of credit in excess of 
such credit limit during any such subsequent cycle or the 
consumer reduces the outstanding balance below the credit 
limit as of the end of such billing cycle. 
Regulations. 
Notice. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00283
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1740 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(l) LIMIT ON FEES RELATED TO METHOD OF PAYMENT.—With 
respect to a credit card account under an open end consumer 
credit plan, the creditor may not impose a separate fee to allow 
the obligor to repay an extension of credit or finance charge, whether 
such repayment is made by mail, electronic transfer, telephone 
authorization, or other means, unless such payment involves an 
expedited service by a service representative of the creditor.’’. 
(b) REASONABLE PENALTY FEES.— 
(1) IN GENERAL.—Chapter 3 of the Truth in Lending Act 
(15 U.S.C. 1661 et seq.), as amended by this Act, is amended 
by adding at the end the following: 
‘‘SEC. 149. REASONABLE PENALTY FEES ON OPEN END CONSUMER 
CREDIT PLANS. 
‘‘(a) IN GENERAL.—The amount of any penalty fee or charge 
that a card issuer may impose with respect to a credit card account 
under an open end consumer credit plan in connection with any 
omission with respect to, or violation of, the cardholder agreement, 
including any late payment fee, over-the-limit fee, or any other 
penalty fee or charge, shall be reasonable and proportional to such 
omission or violation. 
‘‘(b) RULEMAKING REQUIRED.—The Board, in consultation with 
the Comptroller of the Currency, the Board of Directors of the 
Federal Deposit Insurance Corporation, the Director of the Office 
of Thrift Supervision, and the National Credit Union Administration 
Board, shall issue final rules not later than 9 months after the 
date of enactment of this section, to establish standards for 
assessing whether the amount of any penalty fee or charge described 
under subsection (a) is reasonable and proportional to the omission 
or violation to which the fee or charge relates. Subsection (a) shall 
become effective 15 months after the date of enactment of this 
section. 
‘‘(c) CONSIDERATIONS.—In issuing rules required by this section, 
the Board shall consider— 
‘‘(1) the cost incurred by the creditor from such omission 
or violation; 
‘‘(2) the deterrence of such omission or violation by the 
cardholder; 
‘‘(3) the conduct of the cardholder; and 
‘‘(4) such other factors as the Board may deem necessary 
or appropriate. 
‘‘(d) DIFFERENTIATION PERMITTED.—In issuing rules required 
by this subsection, the Board may establish different standards 
for different types of fees and charges, as appropriate. 
‘‘(e) SAFE HARBOR RULE AUTHORIZED.—The Board, in consulta-
tion with the Comptroller of the Currency, the Board of Directors 
of the Federal Deposit Insurance Corporation, the Director of the 
Office of Thrift Supervision, and the National Credit Union 
Administration Board, may issue rules to provide an amount for 
any penalty fee or charge described under subsection (a) that is 
presumed to be reasonable and proportional to the omission or 
violation to which the fee or charge relates.’’. 
(2) CLERICAL AMENDMENTS.—Chapter 3 of the Truth in 
Lending Act (15 U.S.C. 1661 et seq.) is amended— 
(A) in the chapter heading, by inserting ‘‘AND LIMITS 
ON CREDIT CARD FEES’’ after ‘‘ADVERTISING’’; and 
Effective date. 
Deadline. 
15 USC 1665d. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00284
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1741 
PUBLIC LAW 111–24—MAY 22, 2009 
(B) in the table of sections for the chapter, by adding 
at the end the following: 
‘‘148. Interest rate reduction on open end consumer credit plans. 
‘‘149. Reasonable penalty fees on open end consumer credit plans.’’. 
SEC. 103. USE OF TERMS CLARIFIED. 
Section 127 of the Truth in Lending Act (15 U.S.C. 1637) 
is amended by adding at the end the following: 
‘‘(m) USE OF TERM ‘FIXED RATE’.—With respect to the terms 
of any credit card account under an open end consumer credit 
plan, the term ‘fixed’, when appearing in conjunction with a ref-
erence to the annual 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 period specified clearly and conspicu-
ously in the terms of the account.’’. 
SEC. 104. APPLICATION OF CARD PAYMENTS. 
Section 164 of the Truth in Lending Act (15 U.S.C. 1666c) 
is amended— 
(1) by striking the section heading and all that follows 
through ‘‘Payments’’ and inserting the following: 
‘‘§ 164. Prompt and fair crediting of payments 
‘‘(a) IN GENERAL.—Payments’’; 
(2) by inserting ‘‘, by 5:00 p.m. on the date on which 
such payment is due,’’ after ‘‘in readily identifiable form’’; 
(3) by striking ‘‘manner, location, and time’’ and inserting 
‘‘manner, and location’’; and 
(4) by adding at the end the following: 
‘‘(b) APPLICATION OF PAYMENTS.— 
‘‘(1) IN GENERAL.—Upon receipt of a payment from a card-
holder, the card issuer shall apply amounts in excess of the 
minimum payment amount first to the card balance bearing 
the highest rate of interest, and then to each successive balance 
bearing the next highest rate of interest, until the payment 
is exhausted. 
‘‘(2) CLARIFICATION
RELATING
TO
CERTAIN
DEFERRED 
INTEREST ARRANGEMENTS.—A creditor shall allocate the entire 
amount paid by the consumer in excess of the minimum pay-
ment amount to a balance on which interest is deferred during 
the last 2 billing cycles immediately preceding the expiration 
of the period during which interest is deferred. 
‘‘(c) CHANGES BY CARD ISSUER.—If a card issuer makes a mate-
rial change in the mailing address, office, or procedures for handling 
cardholder payments, and such change causes a material delay 
in the crediting of a cardholder payment made during the 60- 
day period following the date on which such change took effect, 
the card issuer may not impose any late fee or finance charge 
for a late payment on the credit card account to which such payment 
was credited.’’. 
SEC. 
105. 
STANDARDS 
APPLICABLE 
TO 
INITIAL 
ISSUANCE 
OF 
SUBPRIME OR ‘‘FEE HARVESTER’’ CARDS. 
Section 127 of the Truth in Lending Act (15 U.S.C. 1637), 
as amended by this Act, is amended by adding at the end the 
following new subsection: 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00285
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1742 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(n) STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME 
OR ‘FEE HARVESTER’ CARDS.— 
‘‘(1) IN GENERAL.—If the terms of a credit card account 
under an open end consumer credit plan require the payment 
of any fees (other than any late fee, over-the-limit fee, or 
fee for a payment returned for insufficient funds) by the con-
sumer in the first year during which the account is opened 
in an aggregate amount in excess of 25 percent of the total 
amount of credit authorized under the account when the 
account is opened, no payment of any fees (other than any 
late fee, over-the-limit fee, or fee for a payment returned for 
insufficient funds) may be made from the credit made available 
under the terms of the account. 
‘‘(2) RULE OF CONSTRUCTION.—No provision of this sub-
section may be construed as authorizing any imposition or 
payment of advance fees otherwise prohibited by any provision 
of law.’’. 
SEC. 106. RULES REGARDING PERIODIC STATEMENTS. 
(a) IN GENERAL.—Section 127 of the Truth in Lending Act 
(15 U.S.C. 1637) is amended by adding at the end the following: 
‘‘(o) DUE DATES FOR CREDIT CARD ACCOUNTS.— 
‘‘(1) IN GENERAL.—The payment due date for a credit card 
account under an open end consumer credit plan shall be the 
same day each month. 
‘‘(2) WEEKEND OR HOLIDAY DUE DATES.—If the payment 
due date for a credit card account under an open end consumer 
credit plan is a day on which the creditor does not receive 
or accept payments by mail (including weekends and holidays), 
the creditor may not treat a payment received on the next 
business day as late for any purpose.’’. 
(b) LENGTH OF BILLING PERIOD.— 
(1) IN
GENERAL.—Section 163 of the Truth in Lending 
Act (15 U.S.C. 1666b) is amended to read as follows: 
‘‘SEC. 163. TIMING OF PAYMENTS. 
‘‘(a) TIME TO MAKE PAYMENTS.—A creditor may not treat a 
payment on an open end consumer credit plan as late for any 
purpose, unless the creditor has adopted reasonable procedures 
designed to ensure that each periodic statement including the 
information required by section 127(b) is mailed or delivered to 
the consumer not later than 21 days before the payment due date. 
‘‘(b) GRACE PERIOD.—If an open end consumer credit plan pro-
vides a time period within which an obligor may repay any portion 
of the credit extended without incurring an additional finance 
charge, such additional finance charge may not be imposed with 
respect to such portion of the credit extended for the billing cycle 
of which such period is a part, unless a statement which includes 
the amount upon which the finance charge for the period is based 
was mailed or delivered to the consumer not later than 21 days 
before the date specified in the statement by which payment must 
be made in order to avoid imposition of that finance charge.’’. 
(2) EFFECTIVE DATE.—Notwithstanding section 3, section 
163 of the Truth in Lending Act, as amended by this subsection, 
shall become effective 90 days after the date of enactment 
of this Act. 
(c) CLERICAL AMENDMENTS.—The table of sections for chapter 
4 of the Truth in Lending Act is amended— 
15 USC 1666b 
note. 
Deadlines. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00286
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1743 
PUBLIC LAW 111–24—MAY 22, 2009 
(1) by striking the item relating to section 163 and inserting 
the following: 
‘‘163. Timing of payments.’’; and 
(2) by striking the item relating to section 171 and inserting 
the following: 
‘‘171. Universal defaults prohibited. 
‘‘172. Unilateral changes in credit card agreement prohibited. 
‘‘173. Applicability of State laws.’’. 
SEC. 107. ENHANCED PENALTIES. 
Section 130(a)(2)(A) of the Truth in Lending Act (15 U.S.C. 
1640(a)(2)(A)) is amended by striking ‘‘or (iii) in the’’ and inserting 
the following: ‘‘(iii) in the case of an individual action relating 
to an open end consumer credit plan that is not secured by real 
property or a dwelling, twice the amount of any finance charge 
in connection with the transaction, with a minimum of $500 and 
a maximum of $5,000, or such higher amount as may be appropriate 
in the case of an established pattern or practice of such failures; 
or (iv) in the’’. 
SEC. 108. CLERICAL AMENDMENTS. 
Section 103(i) of the Truth in Lending Act (15 U.S.C. 1602(i)) 
is amended— 
(1) by striking ‘‘term’’ and all that follows through ‘‘means’’ 
and inserting the following: ‘‘terms ‘open end credit plan’ and 
‘open end consumer credit plan’ mean’’; and 
(2) in the second sentence, by inserting ‘‘or open end con-
sumer credit plan’’ after ‘‘credit plan’’ each place that term 
appears. 
SEC. 109. CONSIDERATION OF ABILITY TO REPAY. 
(a) IN GENERAL.—Chapter 3 of the Truth in Lending Act (15 
U.S.C. 1666 et seq.), as amended by this title, is amended by 
adding at the end the following: 
‘‘SEC. 150. CONSIDERATION OF ABILITY TO REPAY. 
‘‘A card issuer may not open any credit card account for any 
consumer under an open end consumer credit plan, or increase 
any credit limit applicable to such account, unless the card issuer 
considers the ability of the consumer to make the required payments 
under the terms of such account.’’. 
(b) CLERICAL AMENDMENT.—Chapter 3 of the Truth in Lending 
Act (15 U.S.C. 1661 et seq.) is amended in the table of sections 
for the chapter, by adding at the end the following: 
‘‘150. Consideration of ability to repay.’’. 
TITLE II—ENHANCED CONSUMER 
DISCLOSURES 
SEC. 201. PAYOFF TIMING DISCLOSURES. 
(a) IN GENERAL.—Section 127(b)(11) of the Truth in Lending 
Act (15 U.S.C. 1637(b)(11)) is amended to read as follows: 
‘‘(11)(A) A written statement in the following form: ‘Min-
imum Payment Warning: Making only the minimum payment 
will increase the amount of interest you pay and the time 
15 USC 1665e. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00287
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1744 
PUBLIC LAW 111–24—MAY 22, 2009 
it takes to repay your balance.’, or such similar statement 
as is established by the Board pursuant to consumer testing. 
‘‘(B) Repayment information that would apply to the out-
standing 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 
and principal 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 36 months, if no further advances are made, 
and the total cost to the consumer, including interest and 
principal payments, of paying that balance in full if the 
consumer pays the balance over 36 months; and 
‘‘(iv) a toll-free telephone number at which the con-
sumer may receive information about accessing credit coun-
seling and debt management services. 
‘‘(C)(i) Subject to clause (ii), in making the disclosures 
under subparagraph (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) If the interest rate in effect 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. 
‘‘(D) All of the information described in subparagraph (B) 
shall— 
‘‘(i) be disclosed in the form and manner 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. 
‘‘(E) In the regulations 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 headings 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. 
‘‘(F) In prescribing the form of the table under subpara-
graph (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 
Regulations. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00288
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1745 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(ii) the items required to be included in the table 
shall be listed in the order in which such items are set 
forth in subparagraph (B). 
‘‘(G) In prescribing the form of the table under subpara-
graph (D), the Board shall employ terminology which is dif-
ferent than the terminology which is employed in subparagraph 
(B), if such terminology is more easily understood and conveys 
substantially the same meaning.’’. 
(b) CIVIL LIABILITY.—Section 130(a) of the Truth in Lending 
Act (15 U.S.C. 1640(a)) is amended, in the undesignated paragraph 
following paragraph (4), by striking the second sentence and 
inserting the following: ‘‘In connection with the disclosures referred 
to in subsections (a) and (b) of section 127, a creditor shall have 
a liability determined under paragraph (2) only for failing to comply 
with the requirements of section 125, 127(a), or any of paragraphs 
(4) through (13) of section 127(b), or for failing to comply with 
disclosure requirements under State law for any term or item 
that the Board has determined to be substantially the same in 
meaning under section 111(a)(2) as any of the terms or items 
referred to in section 127(a), or any of paragraphs (4) through 
(13) of section 127(b).’’. 
(c) GUIDELINES REQUIRED.— 
(1) IN GENERAL.—Not later than 6 months after the date 
of enactment of this Act, the Board shall issue guidelines, 
by rule, in consultation with the Secretary of the Treasury, 
for the establishment and maintenance by creditors of a toll- 
free telephone number for purposes of providing information 
about accessing credit counseling and debt management serv-
ices, as required under section 127(b)(11)(B)(iv) of the Truth 
in Lending Act, as added by this section. 
(2) APPROVED AGENCIES.—Guidelines issued under this sub-
section shall ensure that referrals provided by the toll-free 
number referred to in paragraph (1) include only those nonprofit 
budget and credit counseling agencies approved by a United 
States bankruptcy trustee pursuant to section 111(a) of title 
11, United States Code. 
SEC. 202. REQUIREMENTS RELATING TO LATE PAYMENT DEADLINES 
AND PENALTIES. 
Section 127(b)(12) of the Truth in Lending Act (15 U.S.C. 
1637(b)(12)) is amended to read as follows: 
‘‘(12) REQUIREMENTS
RELATING
TO
LATE
PAYMENT
DEAD-
LINES AND PENALTIES.— 
‘‘(A) LATE PAYMENT DEADLINE REQUIRED TO BE DIS-
CLOSED.—In the case of a credit card account under an 
open end consumer credit plan under which a late fee 
or charge may be imposed due to the failure of the obligor 
to make payment on or before the due date for such pay-
ment, the periodic statement required under subsection 
(b) with respect to the account shall include, in a con-
spicuous location on the billing statement, the date on 
which the payment is due or, if different, the date on 
which a late payment fee will be charged, together with 
the amount of the fee or charge to be imposed if payment 
is made after that date. 
‘‘(B) DISCLOSURE OF INCREASE IN INTEREST RATES FOR 
LATE PAYMENTS.—If 1 or more late payments under an 
Notice. 
Deadline. 
Communications 
and tele- 
communications. 
15 USC 1637 
note. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00289
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1746 
PUBLIC LAW 111–24—MAY 22, 2009 
open end consumer credit plan may result in an increase 
in the annual percentage rate applicable to the account, 
the statement required under subsection (b) with respect 
to the account shall include conspicuous notice of such 
fact, together with the applicable penalty annual percent-
age rate, in close proximity to the disclosure required under 
subparagraph (A) of the date on which payment is due 
under the terms of the account. 
‘‘(C) PAYMENTS AT LOCAL BRANCHES.—If the creditor, 
in the case of a credit card account referred to in subpara-
graph (A), is a financial institution which maintains 
branches or offices at which payments on any such account 
are accepted from the obligor in person, the date on which 
the obligor makes a payment on the account at such branch 
or office shall be considered to be the date on which the 
payment is made for purposes of determining whether a 
late fee or charge may be imposed due to the failure of 
the obligor to make payment on or before the due date 
for such payment.’’. 
SEC. 203. RENEWAL DISCLOSURES. 
Section 127(d) of the Truth in Lending Act (15 U.S.C. 1637(d)) 
is amended— 
(1) by striking paragraph (2); 
(2) by redesignating paragraph (3) as paragraph (2); and 
(3) in paragraph (1), by striking ‘‘Except as provided in 
paragraph (2), a card issuer’’ and inserting the following: ‘‘A 
card issuer that has changed or amended any term of the 
account since the last renewal that has not been previously 
disclosed or’’. 
SEC. 204. INTERNET POSTING OF CREDIT CARD AGREEMENTS. 
(a) IN GENERAL.—Section 122 of the Truth and Lending Act 
(15 U.S.C. 1632) is amended by adding at the end the following 
new subsection: 
‘‘(d) ADDITIONAL ELECTRONIC DISCLOSURES.— 
‘‘(1) POSTING AGREEMENTS.—Each creditor shall establish 
and maintain an Internet site on which the creditor shall 
post the written agreement between the creditor and the con-
sumer for each credit card account under an open-end consumer 
credit plan. 
‘‘(2) CREDITOR TO PROVIDE CONTRACTS TO THE BOARD.— 
Each creditor shall provide to the Board, in electronic format, 
the consumer credit card agreements that it publishes on its 
Internet site. 
‘‘(3) RECORD REPOSITORY.—The Board shall establish and 
maintain on its publicly available Internet site a central reposi-
tory of the consumer credit card agreements received from 
creditors pursuant to this subsection, and such agreements 
shall be easily accessible and retrievable by the public. 
‘‘(4) EXCEPTION.—This subsection shall not apply to individ-
ually negotiated changes to contractual terms, such as individ-
ually modified workouts or renegotiations of amounts owed 
by a consumer under an open end consumer credit plan. 
‘‘(5) REGULATIONS.—The Board, in consultation with the 
other Federal banking agencies (as that term is defined in 
Public 
information. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00290
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1747 
PUBLIC LAW 111–24—MAY 22, 2009 
section 603) and the Federal Trade Commission, may promul-
gate regulations to implement this subsection, including speci-
fying the format for posting the agreements on the Internet 
sites of creditors and establishing exceptions to paragraphs 
(1) and (2), in any case in which the administrative burden 
outweighs the benefit of increased transparency, such as where 
a credit card plan has a de minimis number of consumer 
account holders.’’. 
SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF CREDIT 
REPORTS. 
(a) PREVENTING DECEPTIVE MARKETING.—Section 612 of the 
Fair Credit Reporting Act (15 U.S.C. 1681j) is amended by adding 
at the end the following: 
‘‘(g) PREVENTION
OF
DECEPTIVE
MARKETING
OF
CREDIT 
REPORTS.— 
‘‘(1) IN GENERAL.—Subject to rulemaking pursuant to sec-
tion 205(b) of the Credit CARD Act of 2009, any advertisement 
for a free credit report in any medium shall prominently disclose 
in such advertisement that free credit reports are available 
under Federal law at: ‘AnnualCreditReport.com’ (or such other 
source as may be authorized under Federal law). 
‘‘(2) TELEVISION AND RADIO ADVERTISEMENT.—In the case 
of an advertisement broadcast by television, the disclosures 
required under paragraph (1) shall be included in the audio 
and visual part of such advertisement. In the case of an 
advertisement broadcast by televison or radio, the disclosure 
required under paragraph (1) shall consist only of the following: 
‘This is not the free credit report provided for by Federal 
law’.’’. 
(b) RULEMAKING.— 
(1) IN GENERAL.—Not later than 9 months after the date 
of enactment of this Act, the Federal Trade Commission shall 
issue a final rule to carry out this section. 
(2) CONTENT.—The rule required by this subsection— 
(A) shall include specific wording to be used in 
advertisements in accordance with this section; and 
(B) for advertisements on the Internet, shall include 
whether the disclosure required under section 612(g)(1) 
of the Fair Credit Reporting Act (as added by this section) 
shall appear on the advertisement or the website on which 
the free credit report is made available. 
(3) INTERIM DISCLOSURES.—If an advertisement subject to 
section 612(g) of the Fair Credit Reporting Act, as added by 
this section, is made public after the 9-month deadline specified 
in paragraph (1), but before the rule required by paragraph 
(1) is finalized, such advertisement shall include the disclosure: 
‘‘Free credit reports are available under Federal law at: 
‘AnnualCreditReport.com’.’’. 
TITLE III—PROTECTION OF YOUNG 
CONSUMERS 
SEC. 301. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS. 
Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) 
is amended by adding at the end the following: 
Deadline. 
15 USC 1681j 
note. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00291
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1748 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(8) APPLICATIONS FROM UNDERAGE CONSUMERS.— 
‘‘(A) PROHIBITION ON ISSUANCE.—No credit card may 
be issued to, or open end consumer credit plan established 
by or on behalf of, a consumer who has not attained the 
age of 21, unless the consumer has submitted a written 
application to the card issuer that meets the requirements 
of subparagraph (B). 
‘‘(B) APPLICATION REQUIREMENTS.—An application to 
open a credit card account by a consumer who has not 
attained the age of 21 as of the date of submission of 
the application shall require— 
‘‘(i) the signature of a cosigner, including the 
parent, legal guardian, spouse, or any other individual 
who has attained the age of 21 having a means to 
repay debts incurred by the consumer in connection 
with the account, indicating joint liability for debts 
incurred by the consumer in connection with the 
account before the consumer has attained the age of 
21; or 
‘‘(ii) submission by the consumer of financial 
information, including through an application, indi-
cating an independent means of repaying any obliga-
tion arising from the proposed extension of credit in 
connection with the account. 
‘‘(C) SAFE HARBOR.—The Board shall promulgate regu-
lations providing standards that, if met, would satisfy the 
requirements of subparagraph (B)(ii).’’. 
SEC. 302. PROTECTION OF YOUNG CONSUMERS FROM PRESCREENED 
CREDIT OFFERS. 
Section 604(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 
1681b(c)(1)(B)) is amended— 
(1) in clause (ii), by striking ‘‘and’’ at the end; and 
(2) in clause (iii), by striking the period at the end and 
inserting the following: ‘‘; and 
‘‘(iv) the consumer report does not contain a date of 
birth that shows that the consumer has not attained the 
age of 21, or, if the date of birth on the consumer report 
shows that the consumer has not attained the age of 21, 
such consumer consents to the consumer reporting agency 
to such furnishing.’’. 
SEC. 303. ISSUANCE OF CREDIT CARDS TO CERTAIN COLLEGE STU-
DENTS. 
Section 127 of the Truth in Lending Act (15 U.S.C. 1637) 
is amended by adding at the end the following new subsection: 
‘‘(p) PARENTAL APPROVAL REQUIRED TO INCREASE CREDIT LINES 
FOR ACCOUNTS FOR WHICH PARENT IS JOINTLY LIABLE.—No increase 
may be made in the amount of credit authorized to be extended 
under a credit card account for which a parent, legal guardian, 
or spouse of the consumer, or any other individual has assumed 
joint liability for debts incurred by the consumer in connection 
with the account before the consumer attains the age of 21, unless 
that parent, guardian, or spouse approves in writing, and assumes 
joint liability for, such increase.’’. 
Regulations. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00292
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1749 
PUBLIC LAW 111–24—MAY 22, 2009 
SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS. 
Section 140 of the Truth in Lending Act (15 U.S.C. 1650) 
is amended by adding at the end the following: 
‘‘(f) CREDIT CARD PROTECTIONS FOR COLLEGE STUDENTS.— 
‘‘(1) DISCLOSURE REQUIRED.—An institution of higher edu-
cation shall publicly disclose any contract or other agreement 
made with a card issuer or creditor for the purpose of marketing 
a credit card. 
‘‘(2) INDUCEMENTS PROHIBITED.—No card issuer or creditor 
may offer to a student at an institution of higher education 
any tangible item to induce such student to apply for or partici-
pate in an open end consumer credit plan offered by such 
card issuer or creditor, if such offer is made— 
‘‘(A) on the campus of an institution of higher edu-
cation; 
‘‘(B) near the campus of an institution of higher edu-
cation, as determined by rule of the Board; or 
‘‘(C) at an event sponsored by or related to an institu-
tion of higher education. 
‘‘(3) SENSE OF THE CONGRESS.—It is the sense of the Con-
gress that each institution of higher education should consider 
adopting the following policies relating to credit cards: 
‘‘(A) That any card issuer that markets a credit card 
on the campus of such institution notify the institution 
of the location at which such marketing will take place. 
‘‘(B) That the number of locations on the campus of 
such institution at which the marketing of credit cards 
takes place be limited. 
‘‘(C) That credit card and debt education and counseling 
sessions be offered as a regular part of any orientation 
program for new students of such institution.’’. 
SEC. 305. COLLEGE CREDIT CARD AGREEMENTS. 
(a) IN GENERAL.—Section 127 of the Truth in Lending Act 
(15 U.S.C. 1637), as otherwise amended by this Act, is amended 
by adding at the end the following: 
‘‘(r) COLLEGE CARD AGREEMENTS.— 
‘‘(1) DEFINITIONS.—For purposes of this subsection, the fol-
lowing definitions shall apply: 
‘‘(A) COLLEGE
AFFINITY
CARD.—The term ‘college 
affinity card’ means a credit card issued by a credit card 
issuer under an open end consumer credit plan in conjunc-
tion with an agreement between the issuer and an institu-
tion of higher education, or an alumni organization or 
foundation affiliated with or related to such institution, 
under which such cards are issued to college students 
who have an affinity with such institution, organization 
and— 
‘‘(i) the creditor has agreed to donate a portion 
of the proceeds of the credit card to the institution, 
organization, or foundation (including a lump sum or 
1-time payment of money for access); 
‘‘(ii) the creditor has agreed to offer discounted 
terms to the consumer; or 
‘‘(iii) the credit card bears the name, emblem, 
mascot, or logo of such institution, organization, or 
foundation, or other words, pictures, or symbols readily 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00293
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1750 
PUBLIC LAW 111–24—MAY 22, 2009 
identified with such institution, organization, or 
foundation. 
‘‘(B) COLLEGE STUDENT CREDIT CARD ACCOUNT.—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. 
‘‘(C) COLLEGE
STUDENT.—The term ‘college student’ 
means an individual who is a full-time or a part-time 
student attending an institution of higher education. 
‘‘(D) INSTITUTION
OF
HIGHER
EDUCATION.—The term 
‘institution of higher education’ has the same meaning 
as in section 101 and 102 of the Higher Education Act 
of 1965 (20 U.S.C. 1001 and 1002). 
‘‘(2) REPORTS BY CREDITORS.— 
‘‘(A) IN
GENERAL.—Each creditor shall submit an 
annual report to the Board containing the terms and condi-
tions of all business, marketing, and promotional agree-
ments and college affinity card agreements with an institu-
tion of higher education, or an alumni organization or 
foundation affiliated with or related to such institution, 
with respect to any college student credit card issued to 
a college student at such institution. 
‘‘(B) DETAILS
OF
REPORT.—The information required 
to be reported under subparagraph (A) includes— 
‘‘(i) any memorandum of understanding between 
or among a creditor, an institution of higher education, 
an alumni association, or foundation that directly or 
indirectly relates to any aspect of any agreement 
referred to in such subparagraph or controls or directs 
any obligations or distribution of benefits between or 
among any such entities; 
‘‘(ii) the amount of any payments from the creditor 
to the institution, organization, or foundation during 
the period covered by the report, and the precise terms 
of any agreement under which such amounts are deter-
mined; and 
‘‘(iii) the number of credit card accounts covered 
by any such agreement that were opened during the 
period covered by the report, and the total number 
of credit card accounts covered by the agreement that 
were outstanding at the end of such period. 
‘‘(C) AGGREGATION BY INSTITUTION.—The information 
required to be reported under subparagraph (A) shall be 
aggregated with respect to each institution of higher edu-
cation or alumni organization or foundation affiliated with 
or related to such institution. 
‘‘(D) INITIAL REPORT.—The initial report required under 
subparagraph (A) shall be submitted to the Board before 
the end of the 9-month period beginning on the date of 
enactment of this subsection. 
‘‘(3) REPORTS BY BOARD.—The Board shall submit to the 
Congress, and make available to the public, an annual report 
that lists the information concerning credit card agreements 
submitted to the Board under paragraph (2) by each institution 
of higher education, alumni organization, or foundation.’’. 
(b) STUDY AND REPORT BY THE COMPTROLLER GENERAL.— 
15 USC 1637 
note. 
Public 
information. 
Time period. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00294
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1751 
PUBLIC LAW 111–24—MAY 22, 2009 
(1) STUDY.—The Comptroller General of the United States 
shall, from time to time, review the reports submitted by credi-
tors under section 127(r) of the Truth in Lending Act, as added 
by this section, and the marketing practices of creditors to 
determine the impact that college affinity card agreements 
and college student card agreements have on credit card debt. 
(2) REPORT.—Upon completion of any study under para-
graph (1), the Comptroller General shall periodically submit 
a report to the Congress on the findings and conclusions of 
the study, together with such recommendations for administra-
tive or legislative action as the Comptroller General determines 
to be appropriate. 
TITLE IV—GIFT CARDS 
SEC. 401. GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND 
STORE GIFT CARDS. 
The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) 
is amended— 
(1) by redesignating sections 915 through 921 as sections 
916 through 922, respectively; and 
(2) by inserting after section 914 the following: 
‘‘SEC. 915. GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND 
STORE GIFT CARDS. 
‘‘(a) DEFINITIONS.—In this section, the following definitions 
shall apply: 
‘‘(1) DORMANCY
FEE; INACTIVITY
CHARGE
OR
FEE.—The 
terms ‘dormancy fee’ and ‘inactivity charge or fee’ mean a 
fee, charge, or penalty for non-use or inactivity of a gift certifi-
cate, store gift card, or general-use prepaid card. 
‘‘(2) GENERAL USE PREPAID CARD, GIFT CERTIFICATE, AND 
STORE GIFT CARD.— 
‘‘(A) GENERAL-USE PREPAID CARD.—The term ‘general- 
use prepaid card’ means a card or other payment code 
or device issued by any person that is— 
‘‘(i) redeemable at multiple, unaffiliated merchants 
or service providers, or automated teller machines; 
‘‘(ii) issued in a requested amount, whether or 
not that amount may, at the option of the issuer, 
be increased in value or reloaded if requested by the 
holder; 
‘‘(iii) purchased or loaded on a prepaid basis; and 
‘‘(iv) honored, upon presentation, by merchants for 
goods or services, or at automated teller machines. 
‘‘(B) GIFT
CERTIFICATE.—The term ‘gift certificate’ 
means an electronic promise that is— 
‘‘(i) redeemable at a single merchant or an affili-
ated group of merchants that share the same name, 
mark, or logo; 
‘‘(ii) issued in a specified amount that may not 
be increased or reloaded; 
‘‘(iii) purchased on a prepaid basis in exchange 
for payment; and 
15 USC 1693l–1. 
15 USC 1693 
note, 
1693m–1693r. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00295
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1752 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(iv) honored upon presentation by such single 
merchant or affiliated group of merchants for goods 
or services. 
‘‘(C) STORE
GIFT
CARD.—The term ‘store gift card’ 
means an electronic promise, plastic card, or other payment 
code or device that is— 
‘‘(i) redeemable at a single merchant or an affili-
ated group of merchants that share the same name, 
mark, or logo; 
‘‘(ii) issued in a specified amount, whether or not 
that amount may be increased in value or reloaded 
at the request of the holder; 
‘‘(iii) purchased on a prepaid basis in exchange 
for payment; and 
‘‘(iv) honored upon presentation by such single 
merchant or affiliated group of merchants for goods 
or services. 
‘‘(D) EXCLUSIONS.—The terms ‘general-use prepaid 
card’, ‘gift certificate’, and ‘store gift card’ do not include 
an electronic promise, plastic card, or payment code or 
device that is— 
‘‘(i) used solely for telephone services; 
‘‘(ii) reloadable and not marketed or labeled as 
a gift card or gift certificate; 
‘‘(iii) a loyalty, award, or promotional gift card, 
as defined by the Board; 
‘‘(iv) not marketed to the general public; 
‘‘(v) issued in paper form only (including for tickets 
and events); or 
‘‘(vi) redeemable solely for admission to events or 
venues at a particular location or group of affiliated 
locations, which may also include services or goods 
obtainable— 
‘‘(I) at the event or venue after admission; 
or 
‘‘(II) in conjunction with admission to such 
events or venues, at specific locations affiliated 
with and in geographic proximity to the event 
or venue. 
‘‘(3) SERVICE FEE.— 
‘‘(A) IN GENERAL.—The term ‘service fee’ means a peri-
odic fee, charge, or penalty for holding or use of a gift 
certificate, store gift card, or general-use prepaid card. 
‘‘(B) EXCLUSION.—With respect to a general-use pre-
paid card, the term ‘service fee’ does not include a one- 
time initial issuance fee. 
‘‘(b) PROHIBITION ON IMPOSITION OF FEES OR CHARGES.— 
‘‘(1) IN GENERAL.—Except as provided under paragraphs 
(2) through (4), it shall be unlawful for any person to impose 
a dormancy fee, an inactivity charge or fee, or a service fee 
with respect to a gift certificate, store gift card, or general- 
use prepaid card. 
‘‘(2) EXCEPTIONS.—A dormancy fee, inactivity charge or 
fee, or service fee may be charged with respect to a gift certifi-
cate, store gift card, or general-use prepaid card, if— 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00296
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1753 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(A) there has been no activity with respect to the 
certificate or card in the 12-month period ending on the 
date on which the charge or fee is imposed; 
‘‘(B) the disclosure requirements of paragraph (3) have 
been met; 
‘‘(C) not more than one fee may be charged in any 
given month; and 
‘‘(D) any additional requirements that the Board may 
establish through rulemaking under subsection (d) have 
been met. 
‘‘(3) DISCLOSURE REQUIREMENTS.—The disclosure require-
ments of this paragraph are met if— 
‘‘(A) the gift certificate, store gift card, or general- 
use prepaid card clearly and conspicuously states— 
‘‘(i) that a dormancy fee, inactivity charge or fee, 
or service fee may be charged; 
‘‘(ii) the amount of such fee or charge; 
‘‘(iii) how often such fee or charge may be assessed; 
and 
‘‘(iv) that such fee or charge may be assessed for 
inactivity; and 
‘‘(B) the issuer or vendor of such certificate or card 
informs the purchaser of such charge or fee before such 
certificate or card is purchased, regardless of whether the 
certificate or card is purchased in person, over the Internet, 
or by telephone. 
‘‘(4) EXCLUSION.—The prohibition under paragraph (1) shall 
not apply to any gift certificate— 
‘‘(A) that is distributed pursuant to an award, loyalty, 
or promotional program, as defined by the Board; and 
‘‘(B) with respect to which, there is no money or other 
value exchanged. 
‘‘(c) PROHIBITION ON SALE OF GIFT CARDS WITH EXPIRATION 
DATES.— 
‘‘(1) IN
GENERAL.—Except as provided under paragraph 
(2), it shall be unlawful for any person to sell or issue a 
gift certificate, store gift card, or general-use prepaid card that 
is subject to an expiration date. 
‘‘(2) EXCEPTIONS.—A gift certificate, store gift card, or gen-
eral-use prepaid card may contain an expiration date if— 
‘‘(A) the expiration date is not earlier than 5 years 
after the date on which the gift certificate was issued, 
or the date on which card funds were last loaded to a 
store gift card or general-use prepaid card; and 
‘‘(B) the terms of expiration are clearly and conspicu-
ously stated. 
‘‘(d) ADDITIONAL RULEMAKING.— 
‘‘(1) IN GENERAL.—The Board shall— 
‘‘(A) prescribe regulations to carry out this section, 
in addition to any other rules or regulations required by 
this title, including such additional requirements as appro-
priate relating to the amount of dormancy fees, inactivity 
charges or fees, or service fees that may be assessed and 
the amount of remaining value of a gift certificate, store 
gift card, or general-use prepaid card below which such 
charges or fees may be assessed; and 
Regulations. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00297
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1754 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘(B) shall determine the extent to which the individual 
definitions and provisions of the Electronic Fund Transfer 
Act or Regulation E should apply to general-use prepaid 
cards, gift certificates, and store gift cards. 
‘‘(2) CONSULTATION.—In prescribing regulations under this 
subsection, the Board shall consult with the Federal Trade 
Commission. 
‘‘(3) TIMING; EFFECTIVE
DATE.—The regulations required 
by this subsection shall be issued in final form not later than 
9 months after the date of enactment of the Credit CARD 
Act of 2009.’’. 
SEC. 402. RELATION TO STATE LAWS. 
Section 920 of the Electronic Fund Transfer Act (as redesig-
nated by this title) is amended by inserting ‘‘dormancy fees, 
inactivity charges or fees, service fees, or expiration dates of gift 
certificates, store gift cards, or general-use prepaid cards,’’ after 
‘‘electronic fund transfers,’’. 
SEC. 403. EFFECTIVE DATE. 
This title and the amendments made by this title shall become 
effective 15 months after the date of enactment of this Act. 
TITLE V—MISCELLANEOUS PROVISIONS 
SEC. 501. STUDY AND REPORT ON INTERCHANGE FEES. 
(a) STUDY REQUIRED.—The Comptroller General of the United 
States (in this section referred to as the ‘‘Comptroller’’) shall conduct 
a study on use of credit by consumers, interchange fees, and their 
effects on consumers and merchants. 
(b) SUBJECTS FOR REVIEW.—In conducting the study required 
by this section, the Comptroller shall review— 
(1) the extent to which interchange fees are required to 
be disclosed to consumers and merchants, whether merchants 
are restricted from disclosing interchange or merchant discount 
fees, and how such fees are overseen by the Federal banking 
agencies or other regulators; 
(2) the ways in which the interchange system affects the 
ability of merchants of varying size to negotiate pricing with 
card associations and banks; 
(3) the costs and factors incorporated into interchange fees, 
such as advertising, bonus miles, and rewards, how such costs 
and factors vary among cards; 
(4) the consequences of the undisclosed nature of inter-
change fees on merchants and consumers with regard to prices 
charged for goods and services; 
(5) how merchant discount fees compare to the credit losses 
and other costs that merchants incur to operate their own 
credit networks or store cards; 
(6) the extent to which the rules of payment card networks 
and their policies regarding interchange fees are accessible 
to merchants; 
(7) other jurisdictions where the central bank has regulated 
interchange fees and the impact on retail prices to consumers 
in such jurisdictions; 
(8) whether and to what extent merchants are permitted 
to discount for cash; and 
15 USC 1693l–1 
note. 
15 USC 1693q. 
Deadline. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00298
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1755 
PUBLIC LAW 111–24—MAY 22, 2009 
(9) the extent to which interchange fees allow smaller 
financial institutions and credit unions to offer payment cards 
and compete against larger financial institutions. 
(c) REPORT REQUIRED.—Not later than 180 days after the date 
of enactment of this Act, the Comptroller shall submit a report 
to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House 
of Representatives containing a detailed summary of the findings 
and conclusions of the study required by this section, together 
with such recommendations for legislative or administrative actions 
as may be appropriate. 
SEC. 502. BOARD REVIEW OF CONSUMER CREDIT PLANS AND REGULA-
TIONS. 
(a) REQUIRED REVIEW.—Not later than 2 years after the effec-
tive date of this Act and every 2 years thereafter, except as provided 
in subsection (c)(2), the Board shall conduct a review, within the 
limits of its existing resources 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 
expenses 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 implementation 
of this Act and the amendments made by this Act has affected— 
(A) cost and availability of credit, particularly with 
respect to non-prime borrowers; 
(B) the safety and soundness of credit card issuers; 
(C) the use of risk-based pricing; or 
(D) credit card product innovation. 
(b) SOLICITATION
OF PUBLIC COMMENT.—In connection with 
conducting the review required by subsection (a), the Board shall 
solicit comment from consumers, credit 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 disclosures and 
protections for consumer credit cards, as appropriate; 
or 
(ii) states the reason for the determination of the 
Board that new or revised regulations are not nec-
essary. 
(2) REVISION OF REVIEW PERIOD FOLLOWING MATERIAL REVI-
SION OF REGULATIONS.—In the event that the Board materially 
revises regulations on consumer credit card plans, a review 
need not be conducted until 2 years after the effective date 
of the revised regulations, which thereafter shall be treated 
Federal Register, 
publication. 
Deadlines. 
15 USC 1616. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00299
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1756 
PUBLIC LAW 111–24—MAY 22, 2009 
as the new date for the biennial review required by subsection 
(a). 
(d) BOARD REPORT TO THE CONGRESS.—The Board shall report 
to Congress not less frequently than every 2 years, except as pro-
vided in subsection (c)(2), on the status of its most recent review, 
its efforts to address any issues identified from the review, and 
any recommendations for legislation. 
(e) ADDITIONAL REPORTING.—The Federal banking agencies (as 
that term is defined in section 3 of the Federal Deposit Insurance 
Act) 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 enforcement activities of the agencies 
with respect to compliance by credit card issuers with applicable 
Federal consumer protection statutes and regulations, including— 
(1) this Act, the amendments made by this Act, and regula-
tions 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, including part 227 of title 12 of the Code of Federal 
Regulations, as prescribed by the Board (referred to as ‘‘Regula-
tion AA’’). 
SEC. 503. STORED VALUE. 
(a) IN GENERAL.—Not later than 270 days after the date of 
enactment of this Act, the Secretary of the Treasury, in consultation 
with the Secretary of Homeland Security, shall issue regulations 
in final form implementing the Bank Secrecy Act, regarding the 
sale, issuance, redemption, or international transport of stored 
value, including stored value cards. 
(b) CONSIDERATION
OF INTERNATIONAL TRANSPORT.—Regula-
tions under this section regarding international transport of stored 
value may include reporting requirements pursuant to section 5316 
of title 31, United States Code. 
(c) EMERGING METHODS
FOR TRANSMITTAL
AND STORAGE
IN 
ELECTRONIC FORM.—Regulations under this section shall take into 
consideration current and future needs and methodologies for 
transmitting and storing value in electronic form. 
SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ESTATES OF 
DECEDENT OBLIGORS. 
(a) IN GENERAL.—Chapter 2 of the Truth in Lending Act ( 
U.S.C. 1631 et seq.) is amended by adding at the end the following 
new section: 
‘‘§ 140A Procedure for timely settlement of estates of 
decedent obligors 
‘‘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 proce-
dures to ensure that any administrator of an estate of any deceased 
obligor with respect to such account can resolve outstanding credit 
balances in a timely manner.’’. 
Regulations. 
15 USC 1651. 
15 USC 1631 et 
seq. 
Deadline. 
Regulations. 
31 USC 5311 
note. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00300
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1757 
PUBLIC LAW 111–24—MAY 22, 2009 
(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 following new item: 
‘‘140A. Procedure for timely settlement of estates of decedent obligors’.’’. 
SEC. 505. REPORT TO CONGRESS ON REDUCTIONS OF CONSUMER 
CREDIT CARD LIMITS BASED ON CERTAIN INFORMATION 
AS TO EXPERIENCE OR TRANSACTIONS OF THE CON-
SUMER. 
(a) REPORT
ON CREDITOR PRACTICES REQUIRED.—Before the 
end of the 1-year period beginning on the date of enactment of 
this Act, the Board, in consultation with the Comptroller of the 
Currency, the Director of the Office of Thrift Supervision, the Fed-
eral Deposit Insurance Corporation, the National Credit Union 
Administration Board, and the Federal Trade Commission, shall 
submit a 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 enactment, creditors have 
reduced credit limits or raised interest rates applicable to credit 
card accounts under open end consumer credit plans based on— 
(1) the geographic location where a credit transaction with 
the consumer took place, or the identity of the merchant 
involved in the transaction; 
(2) the credit transactions of the consumer, including 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 
transactions, and other data pertaining to the use of such 
credit card account by the consumer; and 
(3) the identity of the mortgage creditor which extended 
or holds the mortgage loan secured by the primary residence 
of the consumer. 
(b) OTHER INFORMATION.—The report required under subsection 
(a) shall also include— 
(1) the number of creditors that have engaged in the prac-
tices described in subsection (a); 
(2) the extent to which the practices described in subsection 
(a) have an adverse impact on minority or low-income con-
sumers; 
(3) any other relevant information regarding such practices; 
and 
(4) recommendations to the Congress on any regulatory 
or statutory changes that may be needed to restrict or prevent 
such practices. 
SEC. 506. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND 
RECOMMENDATIONS. 
(a) REQUIRED REVIEW.—Not later than 9 months after the 
date of enactment of this Act, the Board shall conduct a review 
of the use of credit cards by businesses with not more than 50 
employees (in this section referred to as ‘‘small businesses’’) and 
the credit card market for small businesses, including— 
(1) the terms of credit card agreements for small businesses 
and the practices of credit card issuers relating to small 
businesses; 
Deadline. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00301
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1758 
PUBLIC LAW 111–24—MAY 22, 2009 
(2) the adequacy of disclosures of terms, fees, and other 
expenses of credit card plans for small businesses; 
(3) the adequacy of protections against unfair or deceptive 
acts or practices relating to credit card plans for small 
businesses; 
(4) the cost and availability of credit for small businesses, 
particularly with respect to non-prime borrowers; 
(5) the use of risk-based pricing for small businesses; 
(6) credit card product innovation relating to small 
businesses; and 
(7) the extent to which small business owners use personal 
credit cards to fund their business operations. 
(b) RECOMMENDATIONS.—Following the review required by sub-
section (a), the Board shall, not later than 12 months after the 
date of enactment of this Act— 
(1) provide a report to Congress that summarizes the review 
and other evidence gathered by the Board, such as through 
consumer testing or other research, and 
(2) make recommendations for administrative or legislative 
initiatives to provide protections for credit card plans for small 
businesses, as appropriate. 
SEC. 507. SMALL BUSINESS INFORMATION SECURITY TASK FORCE. 
(a) DEFINITIONS.—In this section— 
(1) the terms ‘‘Administration’’ and ‘‘Administrator’’ mean 
the Small Business Administration and the Administrator 
thereof, respectively; 
(2) the term ‘‘small business concern’’ has the same 
meaning as in section 3 of the Small Business Act (15 U.S.C. 
632); and 
(3) the term ‘‘task force’’ means the task force established 
under subsection (b). 
(b) ESTABLISHMENT.—The Administrator shall, in conjunction 
with the Secretary of Homeland Security, establish a task force, 
to be known as the ‘‘Small Business Information Security Task 
Force’’, to address the information technology security needs of 
small business concerns and to help small business concerns prevent 
the loss of credit card data. 
(c) DUTIES.—The task force shall— 
(1) identify— 
(A) the information technology security needs of small 
business concerns; and 
(B) the programs and services provided by the Federal 
Government, State Governments, and nongovernment 
organizations that serve those needs; 
(2) assess the extent to which the programs and services 
identified under paragraph (1)(B) serve the needs identified 
under paragraph (1)(A); 
(3) make recommendations to the Administrator on how 
to more effectively serve the needs identified under paragraph 
(1)(A) through— 
(A) programs and services identified under paragraph 
(1)(B); and 
(B) new programs and services promoted by the task 
force; 
(4) make recommendations on how the Administrator may 
promote— 
Recommenda- 
tions. 
Reports. 
Deadline. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00302
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1759 
PUBLIC LAW 111–24—MAY 22, 2009 
(A) new programs and services that the task force 
recommends under paragraph (3)(B); and 
(B) programs and services identified under paragraph 
(1)(B); 
(5) make recommendations on how the Administrator may 
inform and educate with respect to— 
(A) the needs identified under paragraph (1)(A); 
(B) new programs and services that the task force 
recommends under paragraph (3)(B); and 
(C) programs and services identified under paragraph 
(1)(B); 
(6) make recommendations on how the Administrator may 
more effectively work with public and private interests to 
address the information technology security needs of small 
business concerns; and 
(7) make recommendations on the creation of a permanent 
advisory board that would make recommendations to the 
Administrator on how to address the information technology 
security needs of small business concerns. 
(d) INTERNET WEBSITE RECOMMENDATIONS.—The task force 
shall make recommendations to the Administrator relating to the 
establishment of an Internet website to be used by the Administra-
tion to receive and dispense information and resources with respect 
to the needs identified under subsection (c)(1)(A) and the programs 
and services identified under subsection (c)(1)(B). As part of the 
recommendations, the task force shall identify the Internet sites 
of appropriate programs, services, and organizations, both public 
and private, to which the Internet website should link. 
(e) EDUCATION PROGRAMS.—The task force shall make rec-
ommendations to the Administrator relating to developing addi-
tional education materials and programs with respect to the needs 
identified under subsection (c)(1)(A). 
(f) EXISTING MATERIALS.—The task force shall organize and 
distribute existing materials that inform and educate with respect 
to the needs identified under subsection (c)(1)(A) and the programs 
and services identified under subsection (c)(1)(B). 
(g) COORDINATION WITH PUBLIC AND PRIVATE SECTOR.—In car-
rying out its responsibilities under this section, the task force 
shall coordinate with, and may accept materials and assistance 
as it determines appropriate from, public and private entities, 
including— 
(1) any subordinate officer of the Administrator; 
(2) any organization authorized by the Small Business Act 
to provide assistance and advice to small business concerns; 
(3) other Federal agencies, their officers, or employees; 
and 
(4) any other organization, entity, or person not described 
in paragraph (1), (2), or (3). 
(h) APPOINTMENT OF MEMBERS.— 
(1) CHAIRPERSON AND VICE-CHAIRPERSON.—The task force 
shall have— 
(A) a Chairperson, appointed by the Administrator; 
and 
(B) a Vice-Chairperson, appointed by the Adminis-
trator, in consultation with appropriate nongovernmental 
organizations, entities, or persons. 
(2) MEMBERS.— 
Recommenda- 
tions. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00303
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1760 
PUBLIC LAW 111–24—MAY 22, 2009 
(A) CHAIRPERSON AND VICE-CHAIRPERSON.—The Chair-
person and the Vice-Chairperson shall serve as members 
of the task force. 
(B) ADDITIONAL MEMBERS.— 
(i) IN GENERAL.—The task force shall have addi-
tional members, each of whom shall be appointed by 
the Chairperson, with the approval of the Adminis-
trator. 
(ii) NUMBER OF MEMBERS.—The number of addi-
tional members shall be determined by the Chair-
person, in consultation with the Administrator, except 
that— 
(I) the additional members shall include, for 
each of the groups specified in paragraph (3), at 
least 1 member appointed from within that group; 
and 
(II) the number of additional members shall 
not exceed 13. 
(3) GROUPS REPRESENTED.—The groups specified in this 
paragraph are— 
(A) subject matter experts; 
(B) users of information technologies within small busi-
ness concerns; 
(C) vendors of information technologies to small busi-
ness concerns; 
(D) academics with expertise in the use of information 
technologies to support business; 
(E) small business trade associations; 
(F) Federal, State, or local agencies, including the 
Department of Homeland Security, engaged in securing 
cyberspace; and 
(G) information technology training providers with 
expertise in the use of information technologies to support 
business. 
(4) POLITICAL AFFILIATION.—The appointments under this 
subsection shall be made without regard to political affiliation. 
(i) MEETINGS.— 
(1) FREQUENCY.—The task force shall meet at least 2 times 
per year, and more frequently if necessary to perform its duties. 
(2) QUORUM.—A majority of the members of the task force 
shall constitute a quorum. 
(3) LOCATION.—The Administrator shall designate, and 
make available to the task force, a location at a facility under 
the control of the Administrator for use by the task force 
for its meetings. 
(4) MINUTES.— 
(A) IN GENERAL.—Not later than 30 days after the 
date of each meeting, the task force shall publish the 
minutes of the meeting in the Federal Register and shall 
submit to the Administrator any findings or recommenda-
tions approved at the meeting. 
(B) SUBMISSION TO CONGRESS.—Not later than 60 days 
after the date that the Administrator receives minutes 
under subparagraph (A), the Administrator shall submit 
to the Committee on Small Business and Entrepreneurship 
of the Senate and the Committee on Small Business of 
Federal Register, 
publication. 
Recommenda- 
tions. 
Deadlines. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00304
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1761 
PUBLIC LAW 111–24—MAY 22, 2009 
the House of Representatives such minutes, together with 
any comments the Administrator considers appropriate. 
(5) FINDINGS.— 
(A) IN GENERAL.—Not later than the date on which 
the task force terminates under subsection (m), the task 
force shall submit to the Administrator a final report on 
any findings and recommendations of the task force 
approved at a meeting of the task force. 
(B) SUBMISSION TO CONGRESS.—Not later than 90 days 
after the date on which the Administrator receives the 
report under subparagraph (A), the Administrator shall 
submit to the Committee on Small Business and 
Entrepreneurship of the Senate and the Committee on 
Small Business of the House of Representatives the full 
text of the report submitted under subparagraph (A), 
together with any comments the Administrator considers 
appropriate. 
(j) PERSONNEL MATTERS.— 
(1) COMPENSATION OF MEMBERS.—Each member of the task 
force shall serve without pay for their service on the task 
force. 
(2) TRAVEL EXPENSES.—Each member of the task force shall 
receive travel expenses, including per diem in lieu of subsist-
ence, in accordance with applicable provisions under subchapter 
I of chapter 57 of title 5, United States Code. 
(3) DETAIL OF SBA EMPLOYEES.—The Administrator may 
detail, without reimbursement, any of the personnel of the 
Administration to the task force to assist it in carrying out 
the duties of the task force. Such a detail shall be without 
interruption or loss of civil status or privilege. 
(4) SBA SUPPORT OF THE TASK FORCE.—Upon the request 
of the task force, the Administrator shall provide to the task 
force the administrative support services that the Administrator 
and the Chairperson jointly determine to be necessary for the 
task force to carry out its duties. 
(k) NOT SUBJECT TO FEDERAL ADVISORY COMMITTEE ACT.— 
The Federal Advisory Committee Act (5 U.S.C. App.) shall not 
apply to the task force. 
(l) STARTUP DEADLINES.—The initial appointment of the mem-
bers of the task force shall be completed not later than 90 days 
after the date of enactment of this Act, and the first meeting 
of the task force shall be not later than 180 days after the date 
of enactment of this Act. 
(m) TERMINATION.— 
(1) IN GENERAL.—Except as provided in paragraph (2), the 
task force shall terminate at the end of fiscal year 2013. 
(2) EXCEPTION.—If, as of the termination date under para-
graph (1), the task force has not complied with subsection 
(i)(4) with respect to 1 or more meetings, then the task force 
shall continue after the termination date for the sole purpose 
of achieving compliance with subsection (i)(4) with respect to 
those meetings. 
(n) AUTHORIZATION OF APPROPRIATIONS.—There is authorized 
to be appropriated to carry out this section $300,000 for each 
of fiscal years 2010 through 2013. 
Deadlines. 
Reports. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00305
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1762 
PUBLIC LAW 111–24—MAY 22, 2009 
SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY. 
(a) IN GENERAL.—The Federal Trade Commission, in consulta-
tion with the Attorney General of the United States and the United 
States Secret Service, shall conduct a study on the cost-effectiveness 
of making available at automated teller machines technology that 
enables a consumer that is under duress to electronically alert 
a local law enforcement agency that an incident is taking place 
at such automated teller machine, including— 
(1) an emergency personal identification number that would 
summon a local law enforcement officer to an automated teller 
machine when entered into such automated teller machine; 
and 
(2) a mechanism on the exterior of an automated teller 
machine that, when pressed, would summon a local law enforce-
ment to such automated teller machine. 
(b) CONTENTS OF STUDY.—The study required under subsection 
(a) shall include— 
(1) an analysis of any technology described in subsection 
(a) that is currently available or under development; 
(2) an estimate of the number and severity of any crimes 
that could be prevented by the availability of such technology; 
(3) the estimated costs of implementing such technology; 
and 
(4) a comparison of the costs and benefits of not fewer 
than 3 types of such technology. 
(c) REPORT.—Not later than 9 months after the date of enact-
ment of this Act, the Federal Trade Commission shall submit to 
Congress a report on the findings of the study required under 
this section that includes such recommendations for legislative 
action as the Commission determines appropriate. 
SEC. 509. STUDY AND REPORT ON THE MARKETING OF PRODUCTS 
WITH CREDIT OFFERS. 
(a) STUDY.—The Comptroller General of the United States shall 
conduct a study on the terms, conditions, marketing, and value 
to consumers of products marketed in conjunction with credit card 
offers, including— 
(1) debt suspension agreements; 
(2) debt cancellation agreements; and 
(3) credit insurance products. 
(b) AREAS OF CONCERN.—The study conducted under this sec-
tion shall evaluate— 
(1) the suitability of the offer of products described in 
subsection (a) for target customers; 
(2) the predatory nature of such offers; and 
(3) specifically for debt cancellation or suspension agree-
ments and credit insurance products, loss rates compared to 
more traditional insurance products. 
(c) REPORT
TO CONGRESS.—The Comptroller shall submit a 
report to Congress on the results of the study required by this 
section not later than December 31, 2010. 
SEC. 510. FINANCIAL AND ECONOMIC LITERACY. 
(a) REPORT ON FEDERAL FINANCIAL AND ECONOMIC LITERACY 
EDUCATION PROGRAMS.— 
(1) IN GENERAL.—Not later than 9 months after the date 
of enactment of this Act, the Secretary of Education and the 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00306
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1763 
PUBLIC LAW 111–24—MAY 22, 2009 
Director of the Office of Financial Education of the Department 
of the Treasury shall coordinate with the President’s Advisory 
Council on Financial Literacy— 
(A) to evaluate and compile a comprehensive summary 
of all existing Federal financial and economic literacy edu-
cation programs, as of the time of the report; and 
(B) to prepare and submit a report to Congress on 
the findings of the evaluations. 
(2) CONTENTS.—The report required by this subsection shall 
address, at a minimum— 
(A) the 2008 recommendations of the President’s 
Advisory Council on Financial Literacy; 
(B) existing Federal financial and economic literacy 
education programs for grades kindergarten through grade 
12, and annual funding to support these programs; 
(C) existing Federal postsecondary financial and eco-
nomic literacy education programs and annual funding to 
support these programs; 
(D) the current financial and economic literacy edu-
cation needs of adults, and in particular, low- and mod-
erate-income adults; 
(E) ways to incorporate and disseminate best practices 
and high quality curricula in financial and economic lit-
eracy education; and 
(F) specific recommendations on sources of revenue 
to support financial and economic literacy education activi-
ties with a specific analysis of the potential use of credit 
card transaction fees. 
(b) STRATEGIC PLAN.— 
(1) IN
GENERAL.—The Secretary of Education and the 
Director of the Office of Financial Education of the Department 
of the Treasury shall coordinate with the President’s Advisory 
Council on Financial Literacy to develop a strategic plan to 
improve and expand financial and economic literacy education. 
(2) CONTENTS.—The plan developed under this subsection 
shall— 
(A) incorporate findings from the report and evalua-
tions of existing Federal financial and economic literacy 
education programs under subsection (a); and 
(B) include proposals to improve, expand, and support 
financial and economic literacy education based on the 
findings of the report and evaluations. 
(3) PRESENTATION
TO
CONGRESS.—The plan developed 
under this subsection shall be presented to Congress not later 
than 6 months after the date on which the report under sub-
section (a) is submitted to Congress. 
(c) EFFECTIVE DATE.—Notwithstanding section 3, this section 
shall become effective on the date of enactment of this Act. 
SEC. 511. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE 
LENDING. 
(a) IN GENERAL.—Section 626 of division D of the Omnibus 
Appropriations Act, 2009 (Public Law 111–8) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Within’’ and inserting ‘‘(1) Within’’; 
(B) in paragraph (1), as designated by subparagraph 
(A), by inserting after the first sentence the following: 
Ante, p. 678. 
Deadline. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00307
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1764 
PUBLIC LAW 111–24—MAY 22, 2009 
‘‘Such rulemaking shall relate to unfair or deceptive acts 
or practices regarding mortgage loans, which may include 
unfair or deceptive acts or practices involving loan modifica-
tion and foreclosure rescue services.’’; and 
(C) by adding at the end the following: 
‘‘(2) Paragraph (1) shall not be construed to authorize the 
Federal Trade Commission to promulgate a rule with respect 
to an entity that is not subject to enforcement of the Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) by the Commis-
sion. 
‘‘(3) Before issuing a final rule pursuant to the proceeding 
initiated under paragraph (1), the Federal Trade Commission 
shall consult with the Federal Reserve Board concerning any 
portion of the proposed rule applicable to acts or practices 
to which the provisions of the Truth in Lending Act (15 U.S.C. 
1601 et seq.) may apply. 
‘‘(4) The Federal Trade Commission shall enforce the rules 
issued under paragraph (1) in the same manner, by the same 
means, and with the same jurisdiction, powers, and duties 
as though all applicable terms and provisions of the Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated 
into and made part of this section.’’; and 
(2) in subsection (b)— 
(A) by striking so much as precedes paragraph (2) 
and inserting the following: 
‘‘(b)(1) Except as provided in paragraph (6), in any case in 
which the attorney general of a State has reason to believe that 
an interest of the residents of that State has been or is threatened 
or adversely affected by the engagement of any person subject 
to a rule prescribed under subsection (a) in a practice that violates 
such rule, the State, as parens patriae, may bring a civil action 
on behalf of the residents of the State in an appropriate district 
court of the United States or other court of competent jurisdiction— 
‘‘(A) to enjoin that practice; 
‘‘(B) to enforce compliance with the rule; 
‘‘(C) to obtain damages, restitution, or other compensation 
on behalf of residents of the State; or 
‘‘(D) to obtain penalties and relief provided by the Federal 
Trade Commission Act and such other relief as the court con-
siders appropriate.’’; and 
(B) in paragraphs (2), (3), and (6), by striking ‘‘Commis-
sion’’ each place it appears and inserting ‘‘primary Federal 
regulator’’. 
(b) EFFECTIVE DATE.—The amendments made by subsection 
(a) shall take effect on March 12, 2009. 
SEC. 512. PROTECTING AMERICANS FROM VIOLENT CRIME. 
(a) CONGRESSIONAL FINDINGS.—Congress finds the following: 
(1) The Second Amendment to the Constitution provides 
that ‘‘the right of the people to keep and bear Arms, shall 
not be infringed’’. 
(2) Section 2.4(a)(1) of title 36, Code of Federal Regulations, 
provides that ‘‘except as otherwise provided in this section 
and parts 7 (special regulations) and 13 (Alaska regulations), 
the following are prohibited: (i) Possessing a weapon, trap 
or net (ii) Carrying a weapon, trap or net (iii) Using a weapon, 
trap or net’’. 
16 USC 1a–7b. 
15 USC 1638 
note. 
Consultation. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00308
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1765 
PUBLIC LAW 111–24—MAY 22, 2009 
(3) Section 27.42 of title 50, Code of Federal Regulations, 
provides that, except in special circumstances, citizens of the 
United States may not ‘‘possess, use, or transport firearms 
on national wildlife refuges’’ of the United States Fish and 
Wildlife Service. 
(4) The regulations described in paragraphs (2) and (3) 
prevent individuals complying with Federal and State laws 
from exercising the second amendment rights of the individuals 
while at units of— 
(A) the National Park System; and 
(B) the National Wildlife Refuge System. 
(5) The existence of different laws relating to the transpor-
tation and possession of firearms at different units of the 
National Park System and the National Wildlife Refuge System 
entrapped law-abiding gun owners while at units of the 
National Park System and the National Wildlife Refuge System. 
(6) Although the Bush administration issued new regula-
tions relating to the Second Amendment rights of law-abiding 
citizens in units of the National Park System and National 
Wildlife Refuge System that went into effect on January 9, 
2009— 
(A) on March 19, 2009, the United States District 
Court for the District of Columbia granted a preliminary 
injunction with respect to the implementation and enforce-
ment of the new regulations; and 
(B) the new regulations— 
(i) are under review by the administration; and 
(ii) may be altered. 
(7) Congress needs to weigh in on the new regulations 
to ensure that unelected bureaucrats and judges cannot again 
override the Second Amendment rights of law-abiding citizens 
on 83,600,000 acres of National Park System land and 
90,790,000 acres of land under the jurisdiction of the United 
States Fish and Wildlife Service. 
(8) The Federal laws should make it clear that the second 
amendment rights of an individual at a unit of the National 
Park System or the National Wildlife Refuge System should 
not be infringed. 
(b) PROTECTING
THE RIGHT
OF INDIVIDUALS TO BEAR
ARMS 
IN UNITS OF THE NATIONAL PARK SYSTEM AND THE NATIONAL WILD-
LIFE REFUGE SYSTEM.—The Secretary of the Interior shall not 
promulgate or enforce any regulation that prohibits an individual 
from possessing a firearm including an assembled or functional 
firearm in any unit of the National Park System or the National 
Wildlife Refuge System if— 
(1) the individual is not otherwise prohibited by law from 
possessing the firearm; and 
(2) the possession of the firearm is in compliance with 
the law of the State in which the unit of the National Park 
System or the National Wildlife Refuge System is located. 
SEC. 513. GAO STUDY AND REPORT ON FLUENCY IN THE ENGLISH 
LANGUAGE AND FINANCIAL LITERACY. 
(a) STUDY.—The Comptroller General of the United States shall 
conduct a study examining— 
(1) the relationship between fluency in the English lan-
guage and financial literacy; and 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00309
Fmt 6580
Sfmt 6581
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB
123 STAT. 1766 
PUBLIC LAW 111–24—MAY 22, 2009 
LEGISLATIVE HISTORY—H.R. 627 (S. 414): 
HOUSE REPORTS: No. 111–88 (Comm. on Financial Services). 
SENATE REPORTS: No. 111–16 (Comm. on Banking, Housing, and Urban Affairs) 
accompanying S. 414. 
CONGRESSIONAL RECORD, Vol. 155 (2009): 
Apr. 29, 30, considered and passed House. 
May 11–14, 19, considered and passed Senate, amended. 
May 20, House concurred in Senate amendment. 
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2009): 
May 22, Presidential remarks. 
(2) the extent, if any, to which individuals whose native 
language is a language other than English are impeded in 
their conduct of their financial affairs. 
(b) REPORT.—Not later than 1 year after the date of enactment 
of this Act, the Comptroller General of the United States shall 
submit a report to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
of the House of Representatives that contains a detailed summary 
of the findings and conclusions of the study required under sub-
section (a). 
Approved May 22, 2009. 
VerDate Nov 24 2008 
08:02 Sep 19, 2011
Jkt 079194
PO 00000
Frm 00310
Fmt 6580
Sfmt 6580
G:\GSDD\STATUTES\2009\79194PT2.001
MCNODE
jbender on DSKFWWRZC1 with $$_JOB