S 1927 PCS
Calendar No. 189
111th CONGRESS
1st Session
S. 1927
To establish a moratorium on credit card interest rate increases, and for other purposes.
IN THE SENATE OF THE UNITED STATES
October 26, 2009
Mr. DODD (for himself, Mr. REED, Mr. SCHUMER, Mr. MENENDEZ, Mr. BROWN, Mr. TESTER, Mr. MERKLEY, and Mr. UDALL of Colorado) introduced the following bill; which was read the first time
October 27, 2009
Read the second time and placed on the calendar
A BILL
To establish a moratorium on credit card interest rate increases, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. MORATORIUM ON RATE INCREASES.
During the period beginning on the date of enactment of this Act and ending 9 months after the date of enactment of the Credit Card Accountability Responsibility and Disclosure Act of 2009, in the case of any credit card account under an open end consumer credit plan--
(1) no creditor may increase any annual percentage rate, fee, or finance charge applicable to any outstanding balance, except as permitted under subsection 171(b) of the Truth in Lending Act (as added by Public Law 111-24); and
(2) no creditor may change the terms governing the repayment of any outstanding balance, except as set forth in section 171(c) of the Truth in Lending Act (as added by Public Law 111-24).
SEC. 3. DEFINED TERMS.
For purposes of this Act--
(1) the term ‘annual percentage rate’ means an annual percentage rate, as determined under section 107 of the Truth in Lending Act (15 U.S.C. 1606);
(2) the term ‘finance charge’ means a finance charge, as determined under section 106 of the Truth in Lending Act (15 U.S.C. 1605);
(3) the term ‘outstanding balance’ has the same meaning as in section 171(d) of the Truth in Lending Act (as added by Public Law 111-24); and
(4) the terms used in this Act that are defined in section 103 of the Truth in Lending Act (15 U.S.C. 1602) and are not otherwise defined in this Act shall have the same meanings as in section 103 of the Truth in Lending Act.
SEC. 4. REGULATORY AUTHORITY.
(a) In General- The Board of Governors of the Federal Reserve System may issue such rules as may be necessary to carry out this Act.
(b) Date of Enactment- The provisions of this Act shall take effect upon the date of enactment of this Act, regardless of whether rules are issued under subsection (a).
Calendar No. 189
111th CONGRESS
1st Session
S. 1927
A BILL
To establish a moratorium on credit card interest rate increases, and for other purposes.
October 27, 2009
Read the second time and placed on the calendar
U.S. Congress - Text of S.1927 as Placed on Calendar Senate Credit Card Rate Freeze Act of 2009
