An amendment numbered 9 printed in House Report 111-92 to allow issuers to raise rates on existing balances if they provide consumers clear notification 90 days in advance, provided that the issuer has previously specified this ability to consumers in their contract and at least once every year thereafter.

1. Inserts new text after section 127B(b)(D) of the Truth in Lending Act (as added by section 2(b) of the bill)

   Inserts

   Inserted: (E) Transparent advanced notice of rate increase.--Notification of the increase is provided to the consumer in writing, in clear and conspicuous language, at least 90 days before the increase is scheduled to take effect, provided that the applicability of this exception is fully described to the consumer in their contract and at least once annually thereafter, in a clear and conspicuous manner.

   Original wording

   In subsection (b) of section 127B of the Truth in Lending Act (as added by section 2(b) of the bill), insert after subparagraph (D) the following new subparagraph:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed