[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1447 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1447

To modify the disclosures required in radio advertisements for consumer 
                  leases, loans and savings accounts.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

           September 10 (legislative day, September 7), 1993

Mr. Bryan (for himself and Mr. D'Amato) introduced the following bill; 
    which was read twice and referred to the Committee on Commerce, 
                      Science, and Transportation

_______________________________________________________________________

                                 A BILL


 
To modify the disclosures required in radio advertisements for consumer 
                  leases, loans and savings accounts.

    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 ``Radio Consumer Information Act of 
1993.''

SEC. 2. CONSUMER LEASE DISCLOSURES.

    Section 1667c of The Consumer Leasing Act of 1976 (15 U.S.C. 
section 1601 et seq.) is amended--
            (1) by redesignating section 1667c(b) as section 1667c(c); 
        and
            (2) by inserting immediately before it the following new 
        subsection:
    ``(b) For advertisements, announcements or solicitations made 
through any radio broadcast, the disclosures required by this section 
may be made by providing consumers with access to the disclosure 
information through toll-free telephone numbers or by other means which 
provide consumers with the disclosure information prior to a lease.''.

SEC. 3. CONSUMER CREDIT DISCLOSURES.

    The Truth in Lending Act of 1968 (15 U.S.C. section 1601 et seq.) 
is amended by inserting the following new section 1639:

           ``consumer credit disclosures in radio advertising

    ``Sec. 1639. For advertisements, announcements or solicitations 
made through any radio broadcast, the disclosures required by section 
1637 and section 1638 of this title may be made by providing consumers 
with access to the disclosure information through toll-free telephone 
numbers or by other means which provide consumers with the disclosure 
information prior to the extension of credit.''.

SEC. 4. CONSUMER SAVINGS DISCLOSURES.

    Section 4303(b) of The Truth in Savings Act of 1991 (12 U.S.C. 
sections 4301 et seq.) is amended to read as follows:
    ``(b)(1) For advertisements, announcements or solicitations made 
through any radio broadcast, the disclosures required by this section 
may be made by providing consumers with access to the disclosure 
information through toll-free telephone numbers or by other means which 
provide consumers with the disclosure information prior to the opening 
of an account.
    ``(2) The Board may, by regulation, exempt advertisements, 
announcements, or solicitations made by any broadcast or electronic 
medium or outdoor advertising display not on the premises of the 
depository institution from any disclosure requirements described in 
paragraph (4) or (5) of subsection (a) of this section if the Board 
finds that any such disclosure would be unnecessarily burdensome.''.

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