[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3959 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3959

 To establish a moratorium on credit card interest rate increases, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 28, 2009

    Ms. Markey of Colorado introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To establish a moratorium on credit card interest rate increases, 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 ``Credit Card Rate Freeze Act of 
2009''.

SEC. 2. MORATORIUM ON RATE INCREASES.

    During the period beginning on the date of enactment of this Act 
and ending 9 months after the date of the enactment of the Credit Card 
Accountability Responsibility and Disclosure Act of 2009, in the case 
of any credit card account under an open end consumer credit plan--
            (1) no creditor may increase any annual percentage rate, 
        fee, or finance charge applicable to any outstanding balance, 
        except as permitted under subsection 171(b) of the Truth in 
        Lending Act (as added by Public Law 111-24); and
            (2) no creditor may change the terms governing the 
        repayment of any outstanding balance, except as set forth in 
        section 171(c) of the Truth in Lending Act (as added by Public 
        Law 111-24).

SEC. 3. DEFINED TERMS.

    For purposes of this Act, the following definitions shall apply:
            (1) Annual percentage rate.--The term ``annual percentage 
        rate'' means an annual percentage rate, as determined under 
        section 107 of the Truth in Lending Act (15 U.S.C. 1606).
            (2) Finance charge.--The term ``finance charge'' means a 
        finance charge, as determined under section 106 of the Truth in 
        Lending Act (15 U.S.C. 1605).
            (3) Outstanding balance.--The term ``outstanding balance'' 
        has the same meaning as in section 171(d) of the Truth in 
        Lending Act (as added by Public Law 111-24).
            (4) Other terms.--Any term used in this Act that is defined 
        in section 103 of the Truth in Lending Act (15 U.S.C. 1602) and 
        is not otherwise defined in this Act shall have the same 
        meaning in such section.

SEC. 4. REGULATORY AUTHORITY.

    (a) In General.--The Board of Governors of the Federal Reserve 
System may prescribe such regulations as may be necessary to carry out 
this Act.
    (b) Date of Enactment.--The provisions of this Act shall take 
effect upon the date of the enactment of this Act, regardless of 
whether rules are issued under subsection (a).
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