S.Amdt. 61
What it does: Adds SEC. 234. DISALLOWANCE OF CLAIM IF BASED ON EXTENSION OF CREDIT TO CERTAIN INDIVIDUALS UNDER 21 YEARS OF AGE on page 132, between lines 5 and 6
Sen. Barbara Boxer (D-CA)What it changes
1 change to S. 256
Adds SEC. 234. DISALLOWANCE OF CLAIM IF BASED ON EXTENSION OF CREDIT TO CERTAIN INDIVIDUALS UNDER 21 YEARS OF AGE on page 132, between lines 5 and 6
Adds a sectionPrinted pageInserted: SEC. 234. DISALLOWANCE OF CLAIM IF BASED ON EXTENSION OF CREDIT TO CERTAIN INDIVIDUALS UNDER 21 YEARS OF AGE.
Inserted: Title 11, United States Code, as amended by this Act, is further amended by inserting after section 112 the following:
Inserted: "Sec. 113. Disallowance of claim if based on extension of credit to certain individuals under 21 years of age
Inserted: "(a) In General.--In making a determination of whether to disallow a claim under this title, the court shall consider if the claim is based upon an extension to an individual of unsecured credit and the factors listed in subsection (b) are present. The factors listed in subsection (b) may be the basis for a disallowance of a claim under this title.
Inserted: "(b) Factors.--The factors under this subsection are the following: if the individual, at the time unsecured credit was extended--
Inserted: "(1) was under 21 years of age;
Inserted: "(2) did not have a co-obligor on such unsecured credit who was a parent or spouse of the individual;
Inserted: "(3) had an income level that was below or at the poverty line (as defined by the Office of Management and Budget, and revised annually in accordance with section 673(2) of the Community Services Block Grant Act (42 U.S.C. 9902(2))); and
Inserted: "(4) already had 5 or more unsecured credit cards.".
Original wording
On page 132, between lines 5 and 6, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 61. Mrs. BOXER submitted an amendment intended to be proposed by her 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:
On page 132, between lines 5 and 6, insert the following:
SEC. 234. DISALLOWANCE OF CLAIM IF BASED ON EXTENSION OF CREDIT TO CERTAIN INDIVIDUALS UNDER 21 YEARS OF AGE.
Title 11, United States Code, as amended by this Act, is further amended by inserting after section 112 the following:
“Sec. 113. Disallowance of claim if based on extension of
credit to certain individuals under 21 years of age
“(a) In General.--In making a determination of whether to disallow a claim under this title, the court shall consider if the claim is based upon an extension to an individual of unsecured credit and the factors listed in subsection (b) are present. The factors listed in subsection (b) may be the basis for a disallowance of a claim under this title.
“(b) Factors.--The factors under this subsection are the following: if the individual, at the time unsecured credit was extended--
“(1) was under 21 years of age;
“(2) did not have a co-obligor on such unsecured credit who was a parent or spouse of the individual;
“(3) had an income level that was below or at the poverty line (as defined by the Office of Management and Budget, and revised annually in accordance with section 673(2) of the Community Services Block Grant Act (42 U.S.C. 9902(2))); and
“(4) already had 5 or more unsecured credit cards.”.
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Senate amendment submitted
March 7, 2005