[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1537 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1537

To amend the Truth in Lending Act to provide that, for purposes of any 
   grace period offered by a creditor, the date on a postmark shall 
   establish the date on which payment was made unless the consumer 
         establishes that payment was made on an earlier date.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 2, 1995

  Mr. Jacobs introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Truth in Lending Act to provide that, for purposes of any 
   grace period offered by a creditor, the date on a postmark shall 
   establish the date on which payment was made unless the consumer 
         establishes that payment was made on an earlier date.

    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 ``Date of Payment Act''.

SEC. 2. DATE OF PAYMENT ON ANY CREDIT ACCOUNT.

    (a) In General.--The Truth in Lending Act (15 U.S.C. 1601 et seq.) 
is amended by inserting after section 109 the following new section:

``SEC. 110. DATE OF PAYMENT.

    ``For purposes of determining when a payment was made by a consumer 
on any open or closed end consumer credit plan, the creditor shall 
treat the postmark on the envelope containing such payment as the date 
on which such payment was made, unless the consumer provides sufficient 
evidence to show that such payment was made before such date.''.
    (b) Clerical Amendment.--The table of sections for title I of the 
Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) is amended by 
inserting after the item relating to section 9 the following new item:

``110. Date of payment.''.
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