S.Amdt. 1069

SA 1069. Mr. KERRY submitted an amendment intended to be proposed by him to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. FREEZE ON CONSUMER CREDIT CARD RATES.

(a) In General.--Notwithstanding any other provision of this Act or the amendments made by this Act, during the period beginning on the date of enactment of this Act and ending on December 31, 2010, no creditor which extends credit to any consumer through a credit card account under an open end consumer credit plan may increase the annual percentage rate applicable to any outstanding balance as of such date of enactment on any such account for any reason, except as provided in any agreement between the consumer and a creditor in effect on the date of enactment of this Act.

(b) Definitions.--For purposes of this subsection--

(1) the terms “consumer”, “credit”, “creditor”, “credit card”, and “open end credit plan” have the same meanings as in section 103 of the Truth in Lending Act (15 U.S.C. 1602); and

(2) the term “annual percentage rate” means the annual percentage rate, as determined in accordance with section 107 of the Truth in Lending Act (15 U.S.C. 1606).