S. 131Senate111th Congress (2009-2011)In Committee

Credit Card Minimum Payment Notification Act of 2009

Introduced January 6, 2009

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103)

January 6, 2009

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SenateIntro Referral

Introduced in Senate

January 6, 2009

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S101-103)

January 6, 2009

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S103)

January 6, 2009

Floor Debate

13 members

What members said about S. 131 on the floor

4 Republicans9 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, I am pleased to join Senators Schumer, Snowe, and Boxer in introducing legislation to prohibit the selling and counterfeiting of tickets to the Presidential inaugural ceremony. The…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 6, 2009

Mr. President, today I introduce the Clinical Social Workers' Recognition Act to correct a continuing problem in the Federal Employees Compensation Act. This bill will also provide clinical social…

John McCain
Sen. John McCainR-AZ · Jan 6, 2009

Mr. President, I am pleased to be joined by Senator Ensign in introducing the Abolishing Aviation Barriers Act of 2009. This bill would remove the arbitrary restrictions that prevent Americans from…

Herb Kohl
Sen. Herb KohlD-WI · Jan 6, 2009

Mr. President, I rise today to introduce the Generics First Act. This legislation requires the Federal Government's Medicare Part D prescription drug program to use generic drugs whenever available,…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 6, 2009

Mr. Presdient, as we begin the 111th Congress, we will try, once again, to enact comprehensive immigration reforms that have eluded us in the past several years. With an administration that…

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John F. Kerry
Sen. John F. KerryD-MA · Jan 6, 2009

Mr. President, it is my great hope that Congress will move this year to see that the successful, bipartisan State Children's Health Insurance Program, SCHIP, is allowed the opportunity to fulfill its…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Jan 6, 2009

Mr. President, I rise today to reintroduce a bill I offered last December that will provide much-needed relief to struggling families across America. The Unemployment Benefit Tax Suspension Act of…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 6, 2009

Mr. President, I am honored to have the opportunity today, obviously early on this first day of this new session of Congress, together with my colleague from Utah, Senator Hatch, to introduce…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jan 6, 2009

Mr. President, as the 111th Congress begins, the most important item on our agenda is to help end the worst economic crisis America has faced since the Great Depression. I look forward to working…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 6, 2009

Mr. President, today I am introducing the Credit Card Minimum Payment Notification Act. This bill would help American consumers by requiring banks to notify credit card holders of the true cost if…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 6, 2009

Mr. President, I would like to thank the senior Senator from Wisconsin for his hard work to address antitrust issues in the rail industry along with other industries as Chairman of the Antitrust,…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 6, 2009

Mr. President, as I did in the last Congress, I am cosponsoring the legislation introduced today by the Senator from Connecticut to provide a House seat for the District of Columbia and an additional…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 6, 2009

Mr. President, I am pleased to introduce a bill to permanently correct an injustice in the tax code that has harmed citizens in many States of this great Nation. State and local governments have…

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Harry Reid
Sen. Harry ReidD-NV · Jan 6, 2009

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record. Mr. President, I ask unanimous consent that the text of the joint resolution be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued January 6, 2009
        [Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[S. 131 Introduced in Senate (IS)]

111th CONGRESS
1st Session
S. 131

To amend the Truth in Lending Act to provide for enhanced disclosure
under an open end credit plan.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 6, 2009

Mrs. Feinstein introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

A BILL

To amend the Truth in Lending Act to provide for enhanced disclosure
under an open end credit plan.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Credit Card Minimum Payment
Notification Act of 2009''.

SEC. 2. ENHANCED DISCLOSURE UNDER AN OPEN END CREDIT PLAN.

Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is
amended by adding at the end the following:
``(13) Enhanced disclosure under an open end credit plan.--
``(A) In general.--A credit card issuer shall, with
each billing statement provided to a cardholder in a
State, provide the following on the front of the first
page of the billing statement, in type no smaller than
that required for any other required disclosure, but in
no case in less than 8-point capitalized type:
``(i) A written statement in the following
form: `Minimum Payment Warning: Making only the
minimum payment will increase the interest you
pay and the time it takes to repay your
balance.'.
``(ii)(I) A written statement providing
individualized information indicating the
number of years and months and the total cost
to pay off the entire balance due on an open-
end credit card account, if the cardholder were
to pay only the minimum amount due on the open-
end credit card account, based upon the terms
of the credit agreement.
``(II) For purposes of this clause only, if
the open-end credit card account is subject to
a variable rate--
``(aa) the creditor may make
disclosures based on the rate for the
entire balance as of the date of the
disclosure and indicate that the rate
may vary; and
``(bb) the cardholder shall be
provided with referrals or, in the
alternative, with the toll free
telephone number of the National
Foundation for Credit Counseling (or
any successor thereto) through which
the cardholder can be referred to
credit counseling services in, or
closest to, the cardholder's county of
residence, which credit counseling
service shall be in good standing with
the National Foundation for Credit
Counseling or accredited by the Council
on Accreditation for Children and
Family Services (or any successors
thereto).
``(B) Definition of open-end credit card account.--
In this paragraph, the term `open-end credit card
account' means an account in which consumer credit is
granted by a creditor under a plan in which the
creditor reasonably contemplates repeated transactions,
the creditor may impose a finance charge from time to
time on an unpaid balance, and the amount of credit
that may be extended to the consumer during the term of
the plan is generally made available to the extent that
any outstanding balance is repaid and up to any limit
set by the creditor.
``(C) Exemptions.--
``(i) Minimum payment of not less than ten
percent.--This paragraph shall not apply in any
billing cycle in which the account agreement
requires a minimum payment of not less than 10
percent of the outstanding balance.
``(ii) No finance charges.--This paragraph
shall not apply in any billing cycle in which
finance charges are not imposed.''.
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