S.Amdt. 41
What it does: Adds SEC. __. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN wherever appropriate
Sen. John F. Kerry (D-MA)What it changes
1 change to S. 256
Adds SEC. __. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN wherever appropriate
Adds a sectionInserted: SEC. __. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN.
Inserted: (a) Repayment Terms.--Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is amended by adding at the end the following:
Inserted: "(11)(A) Repayment information that would apply to any annual percentage rate applicable to the consumer's account under the credit plan, including information regarding any change in any annual percentage rate charged to the consumer under the plan, appearing in conspicuous type on the front of the first page of the first billing statement prepared following the change, and accompanied by an appropriate explanation, containing--
Inserted: "(i) the words 'THERE HAS BEEN A CHANGE IN THE ANNUAL PERCENTAGE RATE FOR YOUR ACCOUNT.';
Inserted: "(ii) the words 'THE PREVIOUS INTEREST RATE:' followed by the previous annual percentage rate charged to the consumer under the plan; and
Inserted: "(iii) the words 'THE CURRENT INTEREST RATE' followed by the current annual percentage rate charged to the consumer under the plan.".
Inserted: (b) Publication of Model Forms.---Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall publish model disclosure forms in accordance with section 105 of the Truth in Lending Act for the purpose of compliance with section 127(b)(11) of the Truth in Lending Act, as added by this section.
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
SA 41. Mr. KERRY submitted an amendment intended to be proposed by him to the bill S. 256, to amend title 11 of the United States Code, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN.
(a) Repayment Terms.--Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is amended by adding at the end the following:
“(11)(A) Repayment information that would apply to any annual percentage rate applicable to the consumer's account under the credit plan, including information regarding any change in any annual percentage rate charged to the consumer under the plan, appearing in conspicuous type on the front of the first page of the first billing statement prepared following the change, and accompanied by an appropriate explanation, containing--
“(i) the words ‘THERE HAS BEEN A CHANGE IN THE ANNUAL PERCENTAGE RATE FOR YOUR ACCOUNT.';
“(ii) the words ‘THE PREVIOUS INTEREST RATE:' followed by the previous annual percentage rate charged to the consumer under the plan; and
“(iii) the words ‘THE CURRENT INTEREST RATE' followed by the current annual percentage rate charged to the consumer under the plan.”.
(b) Publication of Model Forms.---Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall publish model disclosure forms in accordance with section 105 of the Truth in Lending Act for the purpose of compliance with section 127(b)(11) of the Truth in Lending Act, as added by this section.
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Senate amendment submitted
March 2, 2005