S.Amdt. 126

1. Adds SEC. ___. LIMITS ON FINANCE AND INTEREST CHARGES FOR ON-TIME PAYMENTS wherever appropriate

   Adds a section

   Inserted: SEC. ___. LIMITS ON FINANCE AND INTEREST CHARGES FOR ON-TIME PAYMENTS.

   Inserted: Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:

   Inserted: "(h) Prohibition on Penalties for On-Time Payments.--

   Inserted: "(1) Prohibition on finance charges for on-time payments.--In the case of any credit card account under an open end credit plan, where no other balance is owing on the account, no finance or interest charge may be imposed with regard to any amount of a new extension of credit that was paid on or before the date on which it was due.

   Inserted: "(2) Prohibition on cancellation or additional fees for on-time payments or payment in full.--In the case of any credit card account under an open end consumer credit plan, no fee or other penalty may be imposed on the consumer in connection with the payment in full of an existing account balance, or payment of more than the minimum required payment of an existing account balance.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed