To address stored value devices and cards.

SA 1107. Ms. COLLINS (for herself, Mr. Lieberman, and Mr. Burris)
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; as follows:

At the end of title V, add the following:

SEC. 503. STORED VALUE CARDS.

(a) Definitions.--Section 5312(a) of title 31, United
States Code, is amended--
(1) in paragraph (2)(K), by inserting ``stored value
devices,'' after ``money orders,'';
(2) in paragraph (3)(B), by striking ``; and'' at the end
and inserting ``, and stored value devices and any other
similar money transmitting devices;'';
(3) in paragraph (3)(C), by striking the period at the end
and inserting ``; and'';
(4) by adding at the end the following:
``(D) as the Secretary of the Treasury shall provide by
regulation for purposes of sections 5316 and 5331 of this
title, stored value devices, or other similar money
transmitting devices (as defined by regulation of the
Secretary for such purposes), unless the Secretary, in
coordination with the Secretary of Homeland Security,
determines that a particular device, based on other
applicable laws, is subject to additional security measures
that obviate the need for such regulations as it relates to
that device.''; and
(5) by adding at the end the following new paragraph:
``(7) `Stored value' means funds or monetary value
represented in digital electronics format (whether or not
specially encrypted) and stored or capable of storage on
electronic media in such a way as to be retrievable and
transferable electronically.''.
(b) Criminal Penalties.--Title 18, United States Code, is
amended--
(1) in section 1956(c)(5)(i), by striking ``and money
orders, or'' and inserting ``money orders, stored value
devices, and any other similar money transmitting devices,
or''; and
(2) in section 1960(b)--
(A) in paragraph (1)(C), by inserting ``, including funds
on fraudulently issued stored value devices and funds on
stored value devices issued anonymously for the purpose of
evading monetary reporting requirements,'' after ``funds'';
and
(B) in paragraph (2), by striking ``or courier'' and
inserting ``courier, or issuance, redemption, or sale of
stored value devices or other similar instruments''.
(c) Money Transmitting Businesses.--Section 5330(d)(1)(A)
of title 31, United States Code, is amended by inserting
``stored value devices,'' after ``travelers checks,''.
______