[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4337 Introduced in House (IH)]







104th CONGRESS
  2d Session
                                H. R. 4337

  To amend the Truth in Lending Act to prohibit extensions of credit 
   under any open end consumer credit plan the proceeds of which the 
creditor knows or has reason to believe are being used or will be used 
 by the consumer to make any form of wager or bet, to play any game of 
      chance, or use any gambling device, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 1, 1996

 Mr. LaFalce 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 prohibit extensions of credit 
   under any open end consumer credit plan the proceeds of which the 
creditor knows or has reason to believe are being used or will be used 
 by the consumer to make any form of wager or bet, to play any game of 
      chance, or use any gambling device, 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 ``Gambling Credit Reform Act''.

SEC. 2. PROHIBITIONS ON EXTENSIONS OF CREDIT FOR GAMBLING.

    (a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C. 
1631 et seq.) is amended by adding at the end the following new 
section:

``SEC. 140. PROHIBITIONS ON EXTENSIONS OF CREDIT FOR GAMBLING.

    ``(a) In General.--No creditor may extend any credit to any 
consumer under any open end consumer credit plan if the creditor knows 
or has reason to believe that the proceeds of such extension of credit 
are being used or will be used by the consumer to make any form of 
wager or bet, to play any game of chance, to use any gambling device, 
or to otherwise participate in gambling at any gambling establishment.
    ``(b) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Gambling device.--The term `gambling device' has the 
        meaning given to such term in section 41311(b) of title 49, 
        United States Code.
            ``(2) Gambling establishment.--The term `gambling 
        establishment' has the meaning given to such term in section 
        1081 of title 18, United States Code.''.
    (b) Clerical Amendment.--The table of sections for chapter 2 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 139 the following new item:

``140. Prohibitions on extensions of credit for gambling.''.
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