[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 605 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 605

    To amend the Truth in Lending Act to require a store in which a 
consumer may apply to open a credit or charge card account to display a 
 sign, at each location where the application may be made, containing 
the same information required by such Act to be prominently placed in a 
                   tabular format on the application.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2001

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

_______________________________________________________________________

                                 A BILL


 
    To amend the Truth in Lending Act to require a store in which a 
consumer may apply to open a credit or charge card account to display a 
 sign, at each location where the application may be made, containing 
the same information required by such Act to be prominently placed in a 
                   tabular format on the application.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DISCLOSURE REQUIREMENT FOR STORES ACCEPTING CREDIT AND 
              CHARGE CARD ACCOUNT APPLICATIONS.

    (a) In General.--Section 122 of the Truth in Lending Act (15 U.S.C. 
1632) is amended by adding at the end the following:
    ``(d) Signs Required on Certain Premises Where Credit or Charge 
Card Account Applications Accepted.--
            ``(1) In general.--A person who sells personal property to 
        consumers on a business premises and makes available to 
        consumers on such premises any application to open a credit 
        card account under an open end consumer credit plan, or any 
        application to open a charge card account, shall display in the 
        premises on a sign any information that is subject to 
        subsection (c) and that is required to be disclosed by the 
        person on that application.
            ``(2) Format.--Such information shall be displayed on the 
        sign in the form and manner which the Board shall prescribe by 
        regulations and which, to the extent practicable and 
        appropriate, shall be consistent with the form and manner 
        required for the disclosure of such information on the credit 
        or charge card application.
            ``(3) Sign placement.--Such signs shall be conspicuously 
        placed at each location on the premises where the credit or 
        charge card application may be submitted by the consumer.''.
    (b) Conforming Amendment.--Section 111(e) of the Truth in Lending 
Act (15 U.S.C. 1610(e)) is amended by adding at the end the following:
``Section 122(d) shall supersede State laws relating to store display 
of the information that is subject to the requirements of such section, 
except that any State may employ or establish State laws for the 
purpose of enforcing the requirements of such section.''.
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