An amendment numbered 7 printed in House Report 111-92 to require the Federal Reserve Board, in consultation with the Federal Trade Commission and other agencies, to establish regulations that would allow estate administrators to resolve outstanding credit balances in a timely manner.
What it does: Adds SEC. 9. PROCEDURE FOR TIMELY SETTLEMENTS OF DECEDENT OBLIGORS' ESTATES after section 9
Rep. Walter B. Jones (R-NC)Description
Amendment requires the Federal Reserve Board, in consultation with the Federal Trade Commission and other agencies, to establish regulations that would allow estate administrators to resolve outstanding credit balances in a timely manner.
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.
Adds SEC. 9. PROCEDURE FOR TIMELY SETTLEMENTS OF DECEDENT OBLIGORS' ESTATES after section 9
Adds a sectionInserted: SEC. 9. PROCEDURE FOR TIMELY SETTLEMENTS OF DECEDENT OBLIGORS' ESTATES.
Inserted: (a) In General.--Chapter 2 of the Truth in Lending Act ( U.S.C. 1631 et seq.) is amended by adding at the end the following new section:
Inserted: "Sec. 140A Procedure for timely settlements of decedent obligors' estates "The Board, in consultation with the Federal Trade Commission and each other agency referred to in section 108(a), shall prescribe regulations to require any creditor, with respect to any credit card account under an open end consumer credit plan, to establish procedures to ensure that any administrator of an estate of any deceased obligor with respect to such account can resolve outstanding credit balances in a timely manner.".
Inserted: (b) Clerical Amendment.--The table of sections for chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 140 the following new item:
Inserted: "140A. Procedure for timely settlements of decedent obligors' estates.".
Original wording
After section 9, insert the following new section (and redesignate the subsequent sections accordingly):
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
After section 9, insert the following new section (and redesignate the subsequent sections accordingly):
SEC. 9. PROCEDURE FOR TIMELY SETTLEMENTS OF DECEDENT OBLIGORS' ESTATES.
(a) In General.--Chapter 2 of the Truth in Lending Act ( U.S.C. 1631 et seq.) is amended by adding at the end the following new section:
“Sec. 140A Procedure for timely settlements of decedent
obligors' estates
“The Board, in consultation with the Federal Trade Commission and each other agency referred to in section 108(a), shall prescribe regulations to require any creditor, with respect to any credit card account under an open end consumer credit plan, to establish procedures to ensure that any administrator of an estate of any deceased obligor with respect to such account can resolve outstanding credit balances in a timely manner.”.
(b) Clerical Amendment.--The table of sections for chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 140 the following new item:
“140A. Procedure for timely settlements of decedent obligors' estates.”.
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 (A007) offered by Mr. Jones.(consideration: CR H5023-5025; text: CR H5023-5024)
April 30, 2009 • 12:33 PM
House amendment agreed to: On agreeing to the Jones amendment (A007) Agreed to by voice vote.
April 30, 2009 • 12:42 PM
Amendment agreed to Committee of the Whole
April 30, 2009 • 12:42 PM
Amendment (A007) offered by Mr. Jones. (consideration: CR H5023-5025; text: CR H5023-5024)
April 30, 2009 • 12:33 PM
On agreeing to the Jones amendment (A007) Agreed to by voice vote.
April 30, 2009 • 12:42 PM