< Back to H.R. 4002 (111th Congress, 2009–2010)

Text of the Truth in Lending Clarification Act of 2009

This bill was introduced on November 3, 2009, in a previous session of Congress, but was not enacted. The text of the bill below is as of Nov 3, 2009 (Introduced).

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Source: GPO

I

111th CONGRESS

1st Session

H. R. 4002

IN THE HOUSE OF REPRESENTATIVES

November 3, 2009

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Truth in Lending Act to clarify that any delay in changes to terms applies only to increases, not decreases.

1.

Short title

This Act may be cited as the Truth in Lending Clarification Act of 2009.

2.

Clarification that 45-day delay does not apply to reductions in interest rates and fees

Subsection (i) of section 127 of the Truth in Lending Act (15 U.S.C. 1637) (as added by section 101(a)(1) of the Credit CARD Act of 2009) is amended by adding at the end the following new paragraph:

(5)

Clarification

No provision of this subsection shall be construed as preventing any creditor from putting any reduction in an annual percentage rate, any decrease or elimination of any fee imposed on any consumer, or any significant change in terms solely or primarily for the benefit of the consumer into effect immediately.

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