[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1747 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1747

 To amend the Truth in Lending Act to provide for enhanced information 
  regarding credit card balance payment terms and conditions, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 10, 2003

 Mr. McGovern (for himself, Mr. Lantos, Ms. Bordallo, Ms. Norton, Mr. 
     Ballance, Ms. Lee, Mr. Waxman, Mr. Olver, and Ms. Schakowsky) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Truth in Lending Act to provide for enhanced information 
  regarding credit card balance payment terms and conditions, 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 ``Consumer Credit Disclosure Act of 
2003''.

SEC. 2. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN.

    (a) Repayment Terms.--Section 127(b) of the Truth in Lending Act 
(15 U.S.C. 1637(b)) is amended by adding at the end the following new 
paragraph:
            ``(11)(A) Repayment information that would apply to the 
        outstanding balance of the consumer under the credit plan, 
        including--
                    ``(i) the required minimum monthly payment on that 
                balance, represented as both a dollar figure and as a 
                percentage of that balance;
                    ``(ii) the number of months (rounded to the nearest 
                month) that it would take to pay the entire amount of 
                that balance, if the consumer pays only the required 
                minimum monthly payments and if no further advances are 
                made;
                    ``(iii) the total cost to the consumer, including 
                interest and principal payments, of paying that balance 
                in full, if the consumer pays only the required minimum 
                monthly payments and if no further advances are made; 
                and
                    ``(iv) the monthly payment amount that would be 
                required for the consumer to eliminate the outstanding 
                balance in 36 months if no further advances are made.
            ``(B)(i) Subject to clause (ii), in making the disclosures 
        under subparagraph (A) the creditor shall apply the interest 
        rate in effect on the date on which the disclosure is made 
        until the date on which the balance would be paid in full.
            ``(ii) If the interest rate in effect on the date on which 
        the disclosure is made is a temporary rate that will change 
        under a contractual provision applying an index or formula for 
        subsequent interest rate adjustment, the creditor shall apply 
        the interest rate in effect on the date on which the disclosure 
        is made for as long as that interest rate will apply under that 
        contractual provision, and then apply an interest rate based on 
        the index or formula in effect on the applicable billing 
        date.''.
    (b) Publication of Model Forms.--Not later than 180 days after the 
date of enactment of this Act, the Board of Governors of the Federal 
Reserve System shall publish model disclosure forms in accordance with 
section 105 of the Truth in Lending Act for the purpose of compliance 
with section 127(b)(11) of the Truth in Lending Act, as added by this 
section.
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