H.R. 3639 (111th): Expedited CARD Reform for Consumers Act of 2009

HR 3639 IH

To amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, and for other purposes.

September 24, 2009

Mrs. MALONEY (for herself, Mr. FRANK of Massachusetts, Ms. SCHAKOWSKY, Ms. SUTTON, Mr. CAPUANO, Ms. HIRONO, Mr. TIERNEY, and Mr. LEVIN) introduced the following bill; which was referred to the Committee on Financial Services

To amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, 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.

This Act may be cited as the ‘Expedited CARD Reform for Consumers Act of 2009’.

SEC. 2. EARLIER EFFECTIVE DATE FOR THE CREDIT CARD ACT OF 2009, GENERALLY.

Section 3 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 is amended by striking ‘become effective 9 months after the date of enactment of this Act,’ and inserting ‘take effect on December 1, 2009,’.

SEC. 3. EARLIER EFFECTIVE DATES FOR SPECIFIC PROVISIONS TO PREVENT FURTHER ABUSES.

(a) Review of Past Consumer Interest Rate Increases- Section 148(d) of the Truth in Lending Act (15 U.S.C. 1665c(d)) (as added by section 101(c) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended--

(1) by striking ‘9 months after the date of enactment of this section,’ and inserting ‘December 1, 2009,’; and

(2) by striking ‘become effective 15 months after that date of enactment’ and inserting ‘take effect on December 1, 2009’.

(b) Requirement That Penalty Fees Be Reasonable and Proportional to the Violation- Section 149(b) of the Truth in Lending Act (15 U.S.C. 1665d(b)) (as added by section 102(b) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended--

(1) by striking ‘9 months after the date of enactment of this section’ and inserting ‘December 1, 2009,’; and

(2) by striking ‘become effective 15 months after that date of enactment’ and inserting ‘take effect on December 1, 2009’.

(c) Gift Card Protections for Consumers-

(1) IN GENERAL- Section 403 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 is amended by striking ‘become effective 15 months after the date of enactment of this Act,’ and inserting ‘take effect on December 1, 2009,’.

(2) REGULATIONS- Section 915(d)(3) of the Electronic Fund Transfer Act (15 U.S.C. 1693l-1(d)(3)) (as added by section 401(2) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended by striking ‘9 months after the date of enactment of the Credit CARD Act of 2009’ and inserting ‘December 1, 2009’.

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