An amendment numbered 4 printed in House Report 111-92 to require credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.
What it does: Strikes “minimum payment shall be applied” at the section 127B(j)(1) of the Truth in Lending Act (as added by section 3(f) of the bill)
Rep. Luis V. Gutierrez (D-IL)Description
Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.
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.
We couldn't read part of this amendment. That part is shown as written below.
Strikes “minimum payment shall be applied” at the section 127B(j)(1) of the Truth in Lending Act (as added by section 3(f) of the bill)
StrikesStruck: minimum payment shall be applied
Original wording
In paragraph (1) of subsection (j) of section 127B of the Truth in Lending Act (as added by section 3(f) of the bill) strike “minimum payment shall be applied”
Shown as written
where such term appears in the matter preceding subparagraph (A), and all that follows through the end of subparagraph (B) of such paragraph and insert “minimum payment shall be allocated first to the balance with the highest annual percentage rate and any remaining portion is allocated to any other balance in descending order, based on the applicable annual percentage rate each portion of such balance bears, from the highest such rate to the lowest”.
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
In paragraph (1) of subsection (j) of section 127B of the Truth in Lending Act (as added by section 3(f) of the bill) strike “minimum payment shall be applied”, where such term appears in the matter preceding subparagraph (A), and all that follows through the end of subparagraph (B) of such paragraph and insert “minimum payment shall be allocated first to the balance with the highest annual percentage rate and any remaining portion is allocated to any other balance in descending order, based on the applicable annual percentage rate each portion of such balance bears, from the highest such rate to the lowest”.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
House amendment offered
April 30, 2009
View full timeline
House amendment offered
April 30, 2009
House amendment offered/reported by : Amendment (A004) offered by Mr. Gutierrez.(consideration: CR H5021-5022; text: CR H5021)
April 30, 2009 • 12:14 PM
House amendment agreed to: On agreeing to the Gutierrez amendment (A004) Agreed to by voice vote.
April 30, 2009 • 12:23 PM
Amendment agreed to Committee of the Whole
April 30, 2009 • 12:23 PM
Amendment (A004) offered by Mr. Gutierrez. (consideration: CR H5021-5022; text: CR H5021)
April 30, 2009 • 12:14 PM
On agreeing to the Gutierrez amendment (A004) Agreed to by voice vote.
April 30, 2009 • 12:23 PM