S.Amdt. 1099

SA 1099. Mrs. FEINSTEIN (for herself, Mr. Corker, Mr. Casey, Mr.
Grassley, Mr. Kerry, and Mr. Levin) submitted an amendment intended to
be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and
Mr. Shelby) 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 end of title III, add the following:

SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is
amended by adding at the end the following:
``(f) Credit Card Protections for College Students.--
``(1) Disclosure required.--A covered educational
institution shall publicly disclose any contract or other
agreement made with a card issuer or creditor for the purpose
of marketing a credit card.
``(2) Gifts prohibited.--No card issuer or creditor may
offer any gift or other item to a student of a covered
educational institution to induce such student to apply for
or participate in an open end credit plan offered by such
card issuer or creditor.
``(3) Sense of the congress.--It is the sense of the
Congress that each covered educational institution should
consider adopting the following policies relating to credit
cards:
``(A) That any card issuer that markets a credit card on
the campus of such institution notify the administration of
such institution of the location at which such marketing will
take place.
``(B) That the number of locations on the campus of such
institution at which the marketing of credit cards takes
place be limited.
``(C) That credit card and debt education and counseling
sessions be offered as a regular part of any orientation
program for new students of such institution.''.

SEC. 305. COLLEGE CREDIT CARD AGREEMENTS.

(a) In General.--Section 127 of the Truth in Lending Act
(15 U.S.C. 1637), as otherwise amended by this Act, is
amended by adding at the end the following:
``(q) College Card Agreements.--
``(1) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) College affinity card.--The term `college affinity
card' means a credit card issued by a credit card issuer
under an open end consumer credit plan in conjunction with an
agreement between the issuer and an institution of higher
education, or an alumni organization or foundation affiliated
with or related to such institution, under which such cards
are issued to college students who have an affinity with such
institution, organization and--
``(i) the creditor has agreed to donate a portion of the
proceeds of the credit card to the institution, organization,
or foundation (including a lump sum or 1-time payment of
money for access);
``(ii) the creditor has agreed to offer discounted terms to
the consumer; or
``(iii) the credit card bears the name, emblem, mascot, or
logo of such institution, organization, or foundation , or
other words, pictures, or symbols readily identified with
such institution, organization, or foundation.
``(B) College student credit card account.--The term
`college student credit card account' means a credit card
account under an open end consumer credit plan established or
maintained for or on behalf of any college student.
``(C) College student.--The term `college student' means an
individual who is a full-time or a part-time student
attending an institution of higher education.
``(D) Institution of higher education.--The term
`institution of higher education' has the same meaning as in
section 101 and 102 of the Higher Education Act of 1965 (20
U.S.C. 1002).
``(2) Reports by creditors.--
``(A) In general.--Each creditor shall submit an annual
report to the Board containing the terms and conditions of
all business, marketing, and promotional agreements and
college affinity card agreements with an institution of
higher education, or an alumni organization or foundation
affiliated with or related to such institution, with respect
to any college student credit card issued to a college
student at such institution.
``(B) Details of report.--The information required to be
reported under subparagraph (A) includes--
``(i) any memorandum of understanding between or among a
creditor, an institution of higher education, an alumni
association, or foundation that directly or indirectly
relates to any aspect of any agreement referred to in such
subparagraph or controls or directs any obligations or
distribution of benefits between or among any such entities;
``(ii) the amount payments from the creditor to the
institution, organization, or foundation during the period
covered by the report, and the precise terms of any agreement
under which such amounts are determined; and
``(iii) the number of credit card accounts covered by any
such agreement that were opened during the period covered by
the report and the total number of credit card accounts
covered by the agreement that were outstanding at the end of
such period.
``(C) Aggregation by institution.--The information reported
under subparagraph (A) shall be aggregated with respect to
each institution of higher education or alumni organization
or foundation affiliated with or related to such institution.
``(3) Reports by board.--The Board shall submit to the
Congress, and make available to the public, an annual report
that lists the information concerning credit card agreements
submitted to the Board under paragraph (2) by each
institution of higher education, alumni organization, or
foundation.''.
(b) Study and Report by the Comptroller General.--
(1) Study.--The Comptroller General of the United States
shall from time to time review the reports submitted by
creditors and the marketing practices of creditors to
determine the impact that college affinity card agreements
and college student card agreements have on credit card debt.
(2) Report.--Upon completion of any study under paragraph
(1), the Comptroller General shall periodically submit a
report to the Congress on the findings and conclusions of the
study, together with such recommendations for administrative
or legislative action as the Comptroller General determines
to be appropriate.

[[Page S5446]]

(c) Effective Date for Initial Creditor Reports.--The
initial reports required under paragraph (2)(A) of the
amendment made by subsection (a) shall be submitted to the
Board before the end of the 90-day period beginning on the
date of enactment of this Act.
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