II 111th CONGRESS 1st Session S. 1833 IN THE SENATE OF THE UNITED STATES October 21, 2009 Mr. Udall of Colorado introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Credit Card Accountability Responsibility and Disclosure Act of 2009 to establish an earlier effective date for various consumer protections, and for other purposes.

1.

Short title

This Act may be cited as the Expedited CARD Reform for Consumers Act of 2009.

2.

Earlier effective date for the Credit CARD Act of 2009, generally

Section 3 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (15 U.S.C. 1602 note) is amended by striking become effective 9 months after the date of enactment of this Act, and inserting take effect on December 1, 2009,.

3.

Earlier effective dates for specific provisions to prevent further abuses

(a)

Review of past consumer interest rate increases

Section 148(d) of the Truth in Lending Act (15 U.S.C. 1665c(d)) (as added by section 101(c) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended— (1)by striking 9 months after the date of enactment of this section, and inserting December 1, 2009,; and (2)by striking become effective 15 months after that date of enactment and inserting take effect on December 1, 2009. (b)

Requirement that penalty fees be reasonable and proportional to the violation

Section 149(b) of the Truth in Lending Act (15 U.S.C. 1665d(b)) (as added by section 102(b) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended— (1)by striking 9 months after the date of enactment of this section and inserting December 1, 2009,; and (2)by striking become effective 15 months after that date of enactment and inserting take effect on December 1, 2009. (c)

Gift card protections for consumers

(1)

In general

Section 403 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (15 U.S.C. 1693l–1 note) is amended by striking become effective 15 months after the date of enactment of this Act, and inserting take effect on December 1, 2009,. (2)

Regulations

Section 915(d)(3) of the Electronic Fund Transfer Act (15 U.S.C. 1693l–1(d)(3)) (as added by section 401(2) of the Credit Card Accountability Responsibility and Disclosure Act of 2009) is amended by striking 9 months after the date of enactment of the Credit CARD Act of 2009 and inserting December 1, 2009.