An amendment numbered 14 printed in House Report 111-92 to require a 6-month period for a promotional rate for credit cards before the standard rate may be increased.
What it does: Inserts new text after section 127B(c)(2) of the Truth in Lending Act (as added by section 2(c) of the bill)
Rep. Thomas S.P. Perriello (D-VA)Description
Amendment requires a 6-month period for a promotional rate for credit cards before the standard rate may be increased.
What it changes
1 change to H.R. 627
We couldn't match these changes to the text of H.R. 627, so they're shown as written.
Inserts new text after section 127B(c)(2) of the Truth in Lending Act (as added by section 2(c) of the bill)
InsertsInserted: (3) Minimum term for promotional rates.--In the case of a promotional rate, no written notice under paragraph (1) of an increase in any annual percentage rate of interest on any credit card account under an open end consumer credit plan shall be effective before the end of a 6-month period beginning from the date the promotional rate takes effect.
Original wording
In subsection (c) of section 127B of the Truth in Lending Act (as added by section 2(c) of the bill) insert after paragraph (2) the following new paragraph:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
In subsection (c) of section 127B of the Truth in Lending Act (as added by section 2(c) of the bill) insert after paragraph (2) the following new paragraph:
(3) Minimum term for promotional rates.--In the case of a promotional rate, no written notice under paragraph (1) of an increase in any annual percentage rate of interest on any credit card account under an open end consumer credit plan shall be effective before the end of a 6-month period beginning from the date the promotional rate takes effect.
Legislative Activity
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House amendment offered
April 30, 2009
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House amendment offered
April 30, 2009
House amendment offered/reported by : Amendment (A014) offered by Mr. Perriello.(consideration: CR H5033-5034; text: CR H5033)
April 30, 2009 • 1:31 PM
House amendment agreed to: On agreeing to the Perriello amendment (A014) Agreed to by voice vote.
April 30, 2009 • 1:40 PM
Amendment agreed to Committee of the Whole
April 30, 2009 • 1:40 PM
Amendment (A014) offered by Mr. Perriello. (consideration: CR H5033-5034; text: CR H5033)
April 30, 2009 • 1:31 PM
On agreeing to the Perriello amendment (A014) Agreed to by voice vote.
April 30, 2009 • 1:40 PM