[United States Statutes at Large, Volume 123, 111th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

123 STAT. 1734

Public Law 111-24
111th Congress

An Act


 
To amend the Truth in Lending Act to establish fair and transparent
practices relating to the extension of credit under an open end consumer
credit plan, 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; TABLE OF
CONTENTS.

(a) Short Title.--This Act may be cited as the ``Credit Card
Accountability Responsibility and Disclosure Act of 2009'' or the
``Credit CARD Act of 2009''.
(b) Table of Contents.--
The table of contents for this Act is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Regulatory authority.
Sec. 3. Effective date.

TITLE I--CONSUMER PROTECTION

Sec. 101. Protection of credit cardholders.
Sec. 102. Limits on fees and interest charges.
Sec. 103. Use of terms clarified.
Sec. 104. Application of card payments.
Sec. 105. Standards applicable to initial issuance of subprime or ``fee
harvester'' cards.
Sec. 106. Rules regarding periodic statements.
Sec. 107. Enhanced penalties.
Sec. 108. Clerical amendments.
Sec. 109. Consideration of Ability to repay.

TITLE II--ENHANCED CONSUMER DISCLOSURES

Sec. 201. Payoff timing disclosures.
Sec. 202. Requirements relating to late payment deadlines and penalties.
Sec. 203. Renewal disclosures.
Sec. 204. Internet posting of credit card agreements.
Sec. 205. Prevention of deceptive marketing of credit reports.

TITLE III--PROTECTION OF YOUNG CONSUMERS

Sec. 301. Extensions of credit to underage consumers.
Sec. 302. Protection of young consumers from prescreened credit offers.
Sec. 303. Issuance of credit cards to certain college students.
Sec. 304. Privacy Protections for college students.
Sec. 305. College Credit Card Agreements.

TITLE IV--GIFT CARDS

Sec. 401. General-use prepaid cards, gift certificates, and store gift
cards.
Sec. 402. Relation to State laws.
Sec. 403. Effective date.

TITLE V--MISCELLANEOUS PROVISIONS

Sec. 501. Study and report on interchange fees.
Sec. 502. Board review of consumer credit plans and regulations.


[[Page 1735]]
123 STAT. 1735

Sec. 503. Stored value.
Sec. 504 Procedure for timely settlement of estates of decedent
obligors.
Sec. 505. Report to Congress on reductions of consumer credit card
limits based on certain information as to experience or
transactions of the consumer.
Sec. 506. Board review of small business credit plans and
recommendations.
Sec. 507. Small business information security task force.
Sec. 508. Study and report on emergency pin technology.
Sec. 509. Study and report on the marketing of products with credit
offers.
Sec. 510. Financial and economic literacy.
Sec. 511. Federal trade commission rulemaking on mortgage lending.
Sec. 512. Protecting Americans from violent crime.
Sec. 513. GAO study and report on fluency in the English language and
financial literacy.

SEC. 2. <> REGULATORY AUTHORITY.

The Board of Governors of the Federal Reserve System (in this Act
referred to as the ``Board'') may issue such rules and publish such
model forms as it considers necessary to carry out this Act and the
amendments made by this Act.
SEC. 3. <> EFFECTIVE DATE.

This Act and the amendments made by this Act shall become effective
9 months after the date of enactment of this Act, except as otherwise
specifically provided in this Act.

TITLE I--CONSUMER PROTECTION

SEC. 101. PROTECTION OF CREDIT CARDHOLDERS.

(a) Advance Notice of Rate Increase and Other Changes Required.--
(1) Amendment to tila.--Section 127 of the Truth in Lending
Act (15 U.S.C. 1637) is amended by adding at the end the
following:

``(i) Advance Notice of Rate Increase and Other Changes Required.--
``(1) Advance notice of increase in interest rate
required.--In <> the case of any credit card
account under an open end consumer credit plan, a creditor shall
provide a written notice of an increase in an annual percentage
rate (except in the case of an increase described in paragraph
(1), (2), or (3) of section 171(b)) not later than 45 days prior
to the effective date of the increase.
``(2) Advance notice of other significant changes
required.--In <> the case of any credit card
account under an open end consumer credit plan, a creditor shall
provide a written notice of any significant change, as
determined by rule of the Board, in the terms (including an
increase in any fee or finance charge, other than as provided in
paragraph (1)) of the cardholder agreement between the creditor
and the obligor, not later than 45 days prior to the effective
date of the change.
``(3) Notice of right to cancel.--Each notice required by
paragraph (1) or (2) shall be made in a clear and conspicuous
manner, and shall contain a brief statement of the right of the
obligor to cancel the account pursuant to rules established by
the Board before the effective date of the subject rate increase
or other change.
``(4) Rule of construction.--Closure or cancellation of an
account by the obligor shall not constitute a default under


[[Page 1736]]
123 STAT. 1736

an existing cardholder agreement, and shall not trigger an
obligation to immediately repay the obligation in full or
through a method that is less beneficial to the obligor than one
of the methods described in section 171(c)(2), or the imposition
of any other penalty or fee.''.
(2) Effective <> date.--
Notwithstanding section 3, section 127(i) of the Truth in
Lending Act, as added by this subsection, shall become effective
90 days after the date of enactment of this Act.

(b) Retroactive Increase and Universal Default Prohibited.--Chapter
4 of the Truth in Lending Act (15 U.S.C. 1666 et seq.) is amended--
(1) by redesignating section 171 <> as
section 173; and
(2) by inserting after section 170 the following:
``SEC. 171. <> LIMITS ON INTEREST RATE,
FEE, AND FINANCE CHARGE INCREASES
APPLICABLE TO OUTSTANDING BALANCES.

``(a) In General.--In the case of any credit card account under an
open end consumer credit plan, no creditor may increase any annual
percentage rate, fee, or finance charge applicable to any outstanding
balance, except as permitted under subsection (b).
``(b) Exceptions.--The prohibition under subsection (a) shall not
apply to--
``(1) an increase in an annual percentage rate upon the
expiration of a specified period of time, provided that--
``(A) prior to commencement of that period, the
creditor disclosed to the consumer, in a clear and
conspicuous manner, the length of the period and the
annual percentage rate that would apply after expiration
of the period;
``(B) the increased annual percentage rate does not
exceed the rate disclosed pursuant to subparagraph (A);
and
``(C) the increased annual percentage rate is not
applied to transactions that occurred prior to
commencement of the period;
``(2) an increase in a variable annual percentage rate in
accordance with a credit card agreement that provides for
changes in the rate according to operation of an index that is
not under the control of the creditor and is available to the
general public;
``(3) an increase due to the completion of a workout or
temporary hardship arrangement by the obligor or the failure of
the obligor to comply with the terms of a workout or temporary
hardship arrangement, provided that--
``(A) the annual percentage rate, fee, or finance
charge applicable to a category of transactions
following any such increase does not exceed the rate,
fee, or finance charge that applied to that category of
transactions prior to commencement of the arrangement;
and
``(B) the creditor has provided the obligor, prior
to the commencement of such arrangement, with clear and
conspicuous disclosure of the terms of the arrangement
(including any increases due to such completion or
failure); or
``(4) <> an increase due solely to the
fact that a minimum payment by the obligor has not been received
by the creditor


[[Page 1737]]
123 STAT. 1737

within 60 days after the due date for such payment, provided
that the creditor shall--
``(A) include, together with the notice of such
increase required under section 127(i), a clear and
conspicuous written statement of the reason for the
increase and that the increase will terminate not later
than 6 months after the date on which it is imposed, if
the creditor receives the required minimum payments on
time from the obligor during that period; and
``(B) terminate such increase not later than 6
months after the date on which it is imposed, if the
creditor receives the required minimum payments on time
during that period.

``(c) Repayment of Outstanding Balance.--
``(1) In general.--The creditor shall not change the terms
governing the repayment of any outstanding balance, except that
the creditor may provide the obligor with one of the methods
described in paragraph (2) of repaying any outstanding balance,
or a method that is no less beneficial to the obligor than one
of those methods.
``(2) Methods.--The methods described in this paragraph
are--
``(A) an amortization period of not less than 5
years, beginning on the effective date of the increase
set forth in the notice required under section 127(i);
or
``(B) a required minimum periodic payment that
includes a percentage of the outstanding balance that is
equal to not more than twice the percentage required
before the effective date of the increase set forth in
the notice required under section 127(i).

``(d) Outstanding Balance Defined.--For purposes of this section,
the term `outstanding balance' means the amount owed on a credit card
account under an open end consumer credit plan as of the end of the 14th
day after the date on which the creditor provides notice of an increase
in the annual percentage rate, fee, or finance charge in accordance with
section 127(i).''.
(c) Interest Rate Reduction on Open End Consumer Credit Plans.--
Chapter 3 of the Truth in Lending Act (15 U.S.C. 1661 et seq.) is
amended by adding at the end the following:
``SEC. 148. <> INTEREST RATE REDUCTION ON
OPEN END CONSUMER CREDIT PLANS.

``(a) In General.--If a creditor increases the annual percentage
rate applicable to a credit card account under an open end consumer
credit plan, based on factors including the credit risk of the obligor,
market conditions, or other factors, the creditor shall consider changes
in such factors in subsequently determining whether to reduce the annual
percentage rate for such obligor.
``(b) Requirements.--With respect to any credit card account under
an open end consumer credit plan, the creditor shall--
``(1) maintain reasonable methodologies for assessing the
factors described in subsection (a);
``(2) <> not less frequently than
once every 6 months, review accounts as to which the annual
percentage rate has been increased since January 1, 2009, to
assess whether such factors have changed (including whether any
risk has declined);


[[Page 1738]]
123 STAT. 1738

``(3) reduce the annual percentage rate previously increased
when a reduction is indicated by the review; and
``(4) in the event of an increase in the annual percentage
rate, provide in the written notice required under section
127(i) a statement of the reasons for the increase.

``(c) Rule of Construction.--This section shall not be construed to
require a reduction in any specific amount.
``(d) Rulemaking.--The <> Board
shall issue final rules not later than 9 months after the date of
enactment of this section to implement the requirements of and evaluate
compliance with this section, and subsections (a), (b), and (c) shall
become effective 15 months after that date of enactment.''.

(d) Introductory and Promotional Rates.--Chapter 4 of the Truth in
Lending Act (15 U.S.C. 1666 et seq.) is amended by inserting after
section 171, as amended by this Act, the following:
``SEC. 172. <> ADDITIONAL
LIMITS ON INTEREST RATE INCREASES.

``(a) Limitation on Increases Within First Year.--Except in the case
of an increase described in paragraph (1), (2), (3), or (4) of section
171(b), no increase in any annual percentage rate, fee, or finance
charge on any credit card account under an open end consumer credit plan
shall be effective before the end of the 1-year period beginning on the
date on which the account is opened.
``(b) Promotional Rate Minimum Term.--No increase in any annual
percentage rate applicable to a credit card account under an open end
consumer credit plan that is a promotional rate (as that term is defined
by the Board) shall be effective before the end of the 6-month period
beginning on the date on which the promotional rate takes effect,
subject to such reasonable exceptions as the Board may establish, by
rule.''.
(e) Clerical Amendment.--The table of sections for chapter 4 of the
Truth in Lending Act is amended by striking the item relating to section
171 and inserting the following:

``171. Limits on interest rate, fee, and finance charge increases
applicable to outstanding balances.
``172. Additional limits on interest rate increases.
``173. Applicability of State laws.''.

SEC. 102. LIMITS ON FEES AND INTEREST CHARGES.

(a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C.
1637) is amended by adding at the end the following:
``(j) Prohibition on Penalties for On-Time Payments.--
``(1) Prohibition on double-cycle billing and penalties for
on-time payments.--Except as provided in paragraph (2), a
creditor may not impose any finance charge on a credit card
account under an open end consumer credit plan as a result of
the loss of any time period provided by the creditor within
which the obligor may repay any portion of the credit extended
without incurring a finance charge, with respect to--
``(A) any balances for days in billing cycles that
precede the most recent billing cycle; or
``(B) any balances or portions thereof in the
current billing cycle that were repaid within such time
period.
``(2) Exceptions.--Paragraph (1) does not apply to--
``(A) any adjustment to a finance charge as a result
of the resolution of a dispute; or


[[Page 1739]]
123 STAT. 1739

``(B) any adjustment to a finance charge as a result
of the return of a payment for insufficient funds.

``(k) Opt-in Required for Over-the-Limit Transactions if Fees Are
Imposed.--
``(1) In general.--In the case of any credit card account
under an open end consumer credit plan under which an over-the-
limit fee may be imposed by the creditor for any extension of
credit in excess of the amount of credit authorized to be
extended under such account, no such fee shall be charged,
unless the consumer has expressly elected to permit the
creditor, with respect to such account, to complete transactions
involving the extension of credit under such account in excess
of the amount of credit authorized.
``(2) Disclosure <> by creditor.--No election
by a consumer under paragraph (1) shall take effect unless the
consumer, before making such election, received a notice from
the creditor of any over-the-limit fee in the form and manner,
and at the time, determined by the Board. If the consumer makes
the election referred to in paragraph (1), the creditor shall
provide notice to the consumer of the right to revoke the
election, in the form prescribed by the Board, in any periodic
statement that includes notice of the imposition of an over-the-
limit fee during the period covered by the statement.
``(3) Form <> of election.--A consumer
may make or revoke the election referred to in paragraph (1)
orally, electronically, or in writing, pursuant to regulations
prescribed by the Board. The Board shall prescribe regulations
to ensure that the same options are available for both making
and revoking such election.
``(4) Time of election.--A consumer may make the election
referred to in paragraph (1) at any time, and such election
shall be effective until the election is revoked in the manner
prescribed under paragraph (3).
``(5) Regulations.--The Board shall prescribe regulations--
``(A) governing disclosures under this subsection;
and
``(B) that prevent unfair or deceptive acts or
practices in connection with the manipulation of credit
limits designed to increase over-the-limit fees or other
penalty fees.
``(6) Rule of construction.--Nothing in this subsection
shall be construed to prohibit a creditor from completing an
over-the-limit transaction, provided that a consumer who has not
made a valid election under paragraph (1) is not charged an
over-the-limit fee for such transaction.
``(7) Restriction on fees charged for an over-the-limit
transaction.--With respect to a credit card account under an
open end consumer credit plan, an over-the-limit fee may be
imposed only once during a billing cycle if the credit limit on
the account is exceeded, and an over-the-limit fee, with respect
to such excess credit, may be imposed only once in each of the 2
subsequent billing cycles, unless the consumer has obtained an
additional extension of credit in excess of such credit limit
during any such subsequent cycle or the consumer reduces the
outstanding balance below the credit limit as of the end of such
billing cycle.


[[Page 1740]]
123 STAT. 1740

``(l) Limit on Fees Related to Method of Payment.--With respect to a
credit card account under an open end consumer credit plan, the creditor
may not impose a separate fee to allow the obligor to repay an extension
of credit or finance charge, whether such repayment is made by mail,
electronic transfer, telephone authorization, or other means, unless
such payment involves an expedited service by a service representative
of the creditor.''.
(b) Reasonable Penalty Fees.--
(1) In general.--Chapter 3 of the Truth in Lending Act (15
U.S.C. 1661 et seq.), as amended by this Act, is amended by
adding at the end the following:
``SEC. 149. <> REASONABLE PENALTY FEES ON
OPEN END CONSUMER CREDIT PLANS.

``(a) In General.--The amount of any penalty fee or charge that a
card issuer may impose with respect to a credit card account under an
open end consumer credit plan in connection with any omission with
respect to, or violation of, the cardholder agreement, including any
late payment fee, over-the-limit fee, or any other penalty fee or
charge, shall be reasonable and proportional to such omission or
violation.
``(b) Rulemaking Required.--The <> Board, in
consultation with the Comptroller of the Currency, the Board of
Directors of the Federal Deposit Insurance Corporation, the Director of
the Office of Thrift Supervision, and the National Credit Union
Administration Board, shall issue final rules not later than 9 months
after the date of enactment of this section, to establish standards for
assessing whether the amount of any penalty fee or charge described
under subsection (a) is reasonable and proportional to the omission or
violation to which the fee or charge relates.
Subsection <> (a) shall become effective 15
months after the date of enactment of this section.

``(c) Considerations.--In issuing rules required by this section,
the Board shall consider--
``(1) the cost incurred by the creditor from such omission
or violation;
``(2) the deterrence of such omission or violation by the
cardholder;
``(3) the conduct of the cardholder; and
``(4) such other factors as the Board may deem necessary or
appropriate.

``(d) Differentiation Permitted.--In issuing rules required by this
subsection, the Board may establish different standards for different
types of fees and charges, as appropriate.
``(e) Safe Harbor Rule Authorized.--The Board, in consultation with
the Comptroller of the Currency, the Board of Directors of the Federal
Deposit Insurance Corporation, the Director of the Office of Thrift
Supervision, and the National Credit Union Administration Board, may
issue rules to provide an amount for any penalty fee or charge described
under subsection (a) that is presumed to be reasonable and proportional
to the omission or violation to which the fee or charge relates.''.
(2) Clerical amendments.--Chapter 3 of the Truth in Lending
Act (15 U.S.C. 1661 et seq.) is amended--
(A) in the chapter heading, by inserting ``AND
LIMITS ON CREDIT CARD FEES'' after ``ADVERTISING''; and


[[Page 1741]]
123 STAT. 1741

(B) in the table of sections for the chapter, by
adding at the end the following:

``148. Interest rate reduction on open end consumer credit plans.
``149. Reasonable penalty fees on open end consumer credit plans.''.

SEC. 103. USE OF TERMS CLARIFIED.

Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended
by adding at the end the following:
``(m) Use of Term `Fixed Rate'.--With respect to the terms of any
credit card account under an open end consumer credit plan, the term
`fixed', when appearing in conjunction with a reference to the annual
percentage rate or interest rate applicable with respect to such
account, may only be used to refer to an annual percentage rate or
interest rate that will not change or vary for any reason over the
period specified clearly and conspicuously in the terms of the
account.''.
SEC. 104. APPLICATION OF CARD PAYMENTS.

Section 164 of the Truth in Lending Act (15 U.S.C. 1666c) is
amended--
(1) by striking the section heading and all that follows
through ``Payments'' and inserting the following:
``Sec. 164. Prompt and fair crediting of payments

``(a) In General.--Payments'';
(2) by inserting ``, by 5:00 p.m. on the date on which such
payment is due,'' after ``in readily identifiable form'';
(3) by striking ``manner, location, and time'' and inserting
``manner, and location''; and
(4) by adding at the end the following:

``(b) Application of Payments.--
``(1) In general.--Upon receipt of a payment from a
cardholder, the card issuer shall apply amounts in excess of the
minimum payment amount first to the card balance bearing the
highest rate of interest, and then to each successive balance
bearing the next highest rate of interest, until the payment is
exhausted.
``(2) Clarification relating to certain deferred interest
arrangements.--A creditor shall allocate the entire amount paid
by the consumer in excess of the minimum payment amount to a
balance on which interest is deferred during the last 2 billing
cycles immediately preceding the expiration of the period during
which interest is deferred.

``(c) Changes by Card Issuer.--If a card issuer makes a material
change in the mailing address, office, or procedures for handling
cardholder payments, and such change causes a material delay in the
crediting of a cardholder payment made during the 60-day period
following the date on which such change took effect, the card issuer may
not impose any late fee or finance charge for a late payment on the
credit card account to which such payment was credited.''.
SEC. 105. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME OR
``FEE HARVESTER'' CARDS.

Section 127 of the Truth in Lending Act (15 U.S.C. 1637), as amended
by this Act, is amended by adding at the end the following new
subsection:


[[Page 1742]]
123 STAT. 1742

``(n) Standards Applicable to Initial Issuance of Subprime or `Fee
Harvester' Cards.--
``(1) In general.--If the terms of a credit card account
under an open end consumer credit plan require the payment of
any fees (other than any late fee, over-the-limit fee, or fee
for a payment returned for insufficient funds) by the consumer
in the first year during which the account is opened in an
aggregate amount in excess of 25 percent of the total amount of
credit authorized under the account when the account is opened,
no payment of any fees (other than any late fee, over-the-limit
fee, or fee for a payment returned for insufficient funds) may
be made from the credit made available under the terms of the
account.
``(2) Rule of construction.--No provision of this subsection
may be construed as authorizing any imposition or payment of
advance fees otherwise prohibited by any provision of law.''.
SEC. 106. RULES REGARDING PERIODIC STATEMENTS.

(a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C.
1637) is amended by adding at the end the following:
``(o) Due Dates for Credit Card Accounts.--
``(1) In general.--The payment due date for a credit card
account under an open end consumer credit plan shall be the same
day each month.
``(2) Weekend or holiday due dates.--If the payment due date
for a credit card account under an open end consumer credit plan
is a day on which the creditor does not receive or accept
payments by mail (including weekends and holidays), the creditor
may not treat a payment received on the next business day as
late for any purpose.''.

(b) Length of Billing Period.--
(1) In general.--Section 163 of the Truth in Lending Act (15
U.S.C. 1666b) is amended to read as follows:
``SEC. 163. <> TIMING OF PAYMENTS.

``(a) Time To Make Payments.--A creditor may not treat a payment on
an open end consumer credit plan as late for any purpose, unless the
creditor has adopted reasonable procedures designed to ensure that each
periodic statement including the information required by section 127(b)
is mailed or delivered to the consumer not later than 21 days before the
payment due date.
``(b) Grace Period.--If an open end consumer credit plan provides a
time period within which an obligor may repay any portion of the credit
extended without incurring an additional finance charge, such additional
finance charge may not be imposed with respect to such portion of the
credit extended for the billing cycle of which such period is a part,
unless a statement which includes the amount upon which the finance
charge for the period is based was mailed or delivered to the consumer
not later than 21 days before the date specified in the statement by
which payment must be made in order to avoid imposition of that finance
charge.''.
(2) Effective <> date.--
Notwithstanding section 3, section 163 of the Truth in Lending
Act, as amended by this subsection, shall become effective 90
days after the date of enactment of this Act.

(c) Clerical Amendments.--The table of sections for chapter 4 of the
Truth in Lending Act is amended--


[[Page 1743]]
123 STAT. 1743

(1) by striking the item relating to section 163 and
inserting the following:

``163. Timing of payments.''; and

(2) by striking the item relating to section 171 and
inserting the following:

``171. Universal defaults prohibited.
``172. Unilateral changes in credit card agreement prohibited.
``173. Applicability of State laws.''.

SEC. 107. ENHANCED PENALTIES.

Section 130(a)(2)(A) of the Truth in Lending Act (15 U.S.C.
1640(a)(2)(A)) is amended by striking ``or (iii) in the'' and inserting
the following: ``(iii) in the case of an individual action relating to
an open end consumer credit plan that is not secured by real property or
a dwelling, twice the amount of any finance charge in connection with
the transaction, with a minimum of $500 and a maximum of $5,000, or such
higher amount as may be appropriate in the case of an established
pattern or practice of such failures; or (iv) in the''.
SEC. 108. CLERICAL AMENDMENTS.

Section 103(i) of the Truth in Lending Act (15 U.S.C. 1602(i)) is
amended--
(1) by striking ``term'' and all that follows through
``means'' and inserting the following: ``terms `open end credit
plan' and `open end consumer credit plan' mean''; and
(2) in the second sentence, by inserting ``or open end
consumer credit plan'' after ``credit plan'' each place that
term appears.
SEC. 109. CONSIDERATION OF ABILITY TO REPAY.

(a) In General.--Chapter 3 of the Truth in Lending Act (15 U.S.C.
1666 et seq.), as amended by this title, is amended by adding at the end
the following:
``SEC. 150. <> CONSIDERATION OF ABILITY TO
REPAY.

``A card issuer may not open any credit card account for any
consumer under an open end consumer credit plan, or increase any credit
limit applicable to such account, unless the card issuer considers the
ability of the consumer to make the required payments under the terms of
such account.''.
(b) Clerical Amendment.--Chapter 3 of the Truth in Lending Act (15
U.S.C. 1661 et seq.) is amended in the table of sections for the
chapter, by adding at the end the following:

``150. Consideration of ability to repay.''.

TITLE II--ENHANCED CONSUMER DISCLOSURES

SEC. 201. PAYOFF TIMING DISCLOSURES.

(a) In General.--Section 127(b)(11) of the Truth in Lending Act (15
U.S.C. 1637(b)(11)) is amended to read as follows:
``(11)(A) A written statement in the following form:
`Minimum Payment Warning: Making only the minimum payment will
increase the amount of interest you pay and the time


[[Page 1744]]
123 STAT. 1744

it takes to repay your balance.', or such similar statement as
is established by the Board pursuant to consumer testing.
``(B) Repayment information that would apply to the
outstanding balance of the consumer under the credit plan,
including--
``(i) 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;
``(ii) 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;
``(iii) 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,
and the total cost to the consumer, including interest
and principal payments, of paying that balance in full
if the consumer pays the balance over 36 months; and
``(iv) a toll-free telephone number at which the
consumer may receive information about accessing credit
counseling and debt management services.
``(C)(i) Subject to clause (ii), in making the disclosures
under subparagraph (B), the creditor shall apply the interest
rate or rates 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.
``(D) All of the information described in subparagraph (B)
shall--
``(i) <> be disclosed in the
form and manner which the Board shall prescribe, by
regulation, and in a manner that avoids duplication; and
``(ii) be placed in a conspicuous and prominent
location on the billing statement.
``(E) In the regulations prescribed under subparagraph (D),
the Board shall require that the disclosure of such information
shall be in the form of a table that--
``(i) contains clear and concise headings for each
item of such information; and
``(ii) provides a clear and concise form stating
each item of information required to be disclosed under
each such heading.
``(F) In prescribing the form of the table under
subparagraph (E), the Board shall require that--
``(i) all of the information in the table, and not
just a reference to the table, be placed on the billing
statement, as required by this paragraph; and


[[Page 1745]]
123 STAT. 1745

``(ii) the items required to be included in the
table shall be listed in the order in which such items
are set forth in subparagraph (B).
``(G) In prescribing the form of the table under
subparagraph (D), the Board shall employ terminology which is
different than the terminology which is employed in subparagraph
(B), if such terminology is more easily understood and conveys
substantially the same meaning.''.

(b) Civil Liability.--Section 130(a) of the Truth in Lending Act (15
U.S.C. 1640(a)) is amended, in the undesignated paragraph following
paragraph (4), by striking the second sentence and inserting the
following: ``In connection with the disclosures referred to in
subsections (a) and (b) of section 127, a creditor shall have a
liability determined under paragraph (2) only for failing to comply with
the requirements of section 125, 127(a), or any of paragraphs (4)
through (13) of section 127(b), or for failing to comply with disclosure
requirements under State law for any term or item that the Board has
determined to be substantially the same in meaning under section
111(a)(2) as any of the terms or items referred to in section 127(a), or
any of paragraphs (4) through (13) of section 127(b).''.
(c) Guidelines <> Required.--
(1) In general.--Not <> later than 6 months after the date of
enactment of this Act, the Board shall issue guidelines, by
rule, in consultation with the Secretary of the Treasury, for
the establishment and maintenance by creditors of a toll-free
telephone number for purposes of providing information about
accessing credit counseling and debt management services, as
required under section 127(b)(11)(B)(iv) of the Truth in Lending
Act, as added by this section.
(2) Approved agencies.--Guidelines issued under this
subsection shall ensure that referrals provided by the toll-free
number referred to in paragraph (1) include only those nonprofit
budget and credit counseling agencies approved by a United
States bankruptcy trustee pursuant to section 111(a) of title
11, United States Code.
SEC. 202. REQUIREMENTS RELATING TO LATE PAYMENT DEADLINES AND
PENALTIES.

Section 127(b)(12) of the Truth in Lending Act (15 U.S.C.
1637(b)(12)) is amended to read as follows:
``(12) Requirements relating to late payment deadlines and
penalties.--
``(A) Late payment deadline required to be
disclosed.--In the case of a credit card account under
an open end consumer credit plan under which a late fee
or charge may be imposed due to the failure of the
obligor to make payment on or before the due date for
such payment, the periodic statement required under
subsection (b) with respect to the account shall
include, in a conspicuous location on the billing
statement, the date on which the payment is due or, if
different, the date on which a late payment fee will be
charged, together with the amount of the fee or charge
to be imposed if payment is made after that date.
``(B) Disclosure of increase in interest rates for
late payments.--If <> 1 or more late
payments under an


[[Page 1746]]
123 STAT. 1746

open end consumer credit plan may result in an increase
in the annual percentage rate applicable to the account,
the statement required under subsection (b) with respect
to the account shall include conspicuous notice of such
fact, together with the applicable penalty annual
percentage rate, in close proximity to the disclosure
required under subparagraph (A) of the date on which
payment is due under the terms of the account.
``(C) Payments at local branches.--If the creditor,
in the case of a credit card account referred to in
subparagraph (A), is a financial institution which
maintains branches or offices at which payments on any
such account are accepted from the obligor in person,
the date on which the obligor makes a payment on the
account at such branch or office shall be considered to
be the date on which the payment is made for purposes of
determining whether a late fee or charge may be imposed
due to the failure of the obligor to make payment on or
before the due date for such payment.''.
SEC. 203. RENEWAL DISCLOSURES.

Section 127(d) of the Truth in Lending Act (15 U.S.C. 1637(d)) is
amended--
(1) by striking paragraph (2);
(2) by redesignating paragraph (3) as paragraph (2); and
(3) in paragraph (1), by striking ``Except as provided in
paragraph (2), a card issuer'' and inserting the following: ``A
card issuer that has changed or amended any term of the account
since the last renewal that has not been previously disclosed
or''.
SEC. 204. INTERNET POSTING OF CREDIT CARD AGREEMENTS.

(a) In General.--Section 122 of the Truth and Lending Act (15 U.S.C.
1632) is amended by adding at the end the following new subsection:
``(d) Additional Electronic Disclosures.--
``(1) Posting agreements.--Each creditor shall establish and
maintain an Internet site on which the creditor shall post the
written agreement between the creditor and the consumer for each
credit card account under an open-end consumer credit plan.
``(2) Creditor to provide contracts to the board.--Each
creditor shall provide to the Board, in electronic format, the
consumer credit card agreements that it publishes on its
Internet site.
``(3) Record repository.--The <> Board shall establish and maintain on its
publicly available Internet site a central repository of the
consumer credit card agreements received from creditors pursuant
to this subsection, and such agreements shall be easily
accessible and retrievable by the public.
``(4) Exception.--This subsection shall not apply to
individually negotiated changes to contractual terms, such as
individually modified workouts or renegotiations of amounts owed
by a consumer under an open end consumer credit plan.
``(5) Regulations.--The Board, in consultation with the
other Federal banking agencies (as that term is defined in


[[Page 1747]]
123 STAT. 1747

section 603) and the Federal Trade Commission, may promulgate
regulations to implement this subsection, including specifying
the format for posting the agreements on the Internet sites of
creditors and establishing exceptions to paragraphs (1) and (2),
in any case in which the administrative burden outweighs the
benefit of increased transparency, such as where a credit card
plan has a de minimis number of consumer account holders.''.
SEC. 205. PREVENTION OF DECEPTIVE MARKETING OF CREDIT REPORTS.

(a) Preventing Deceptive Marketing.--Section 612 of the Fair Credit
Reporting Act (15 U.S.C. 1681j) is amended by adding at the end the
following:
``(g) Prevention of Deceptive Marketing of Credit Reports.--
``(1) In general.--Subject to rulemaking pursuant to section
205(b) of the Credit CARD Act of 2009, any advertisement for a
free credit report in any medium shall prominently disclose in
such advertisement that free credit reports are available under
Federal law at: `AnnualCreditReport.com' (or such other source
as may be authorized under Federal law).
``(2) Television and radio advertisement.--In the case of an
advertisement broadcast by television, the disclosures required
under paragraph (1) shall be included in the audio and visual
part of such advertisement. In the case of an advertisement
broadcast by televison or radio, the disclosure required under
paragraph (1) shall consist only of the following: `This is not
the free credit report provided for by Federal law'.''.

(b) <> Rulemaking.--
(1) In general.--Not <> later than 9 months
after the date of enactment of this Act, the Federal Trade
Commission shall issue a final rule to carry out this section.
(2) Content.--The rule required by this subsection--
(A) shall include specific wording to be used in
advertisements in accordance with this section; and
(B) for advertisements on the Internet, shall
include whether the disclosure required under section
612(g)(1) of the Fair Credit Reporting Act (as added by
this section) shall appear on the advertisement or the
website on which the free credit report is made
available.
(3) Interim disclosures.--If an advertisement subject to
section 612(g) of the Fair Credit Reporting Act, as added by
this section, is made public after the 9-month deadline
specified in paragraph (1), but before the rule required by
paragraph (1) is finalized, such advertisement shall include the
disclosure: ``Free credit reports are available under Federal
law at: `AnnualCreditReport.com'.''.

TITLE III--PROTECTION OF YOUNG CONSUMERS

SEC. 301. EXTENSIONS OF CREDIT TO UNDERAGE CONSUMERS.

Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is
amended by adding at the end the following:


[[Page 1748]]
123 STAT. 1748

``(8) Applications from underage consumers.--
``(A) Prohibition on issuance.--No credit card may
be issued to, or open end consumer credit plan
established by or on behalf of, a consumer who has not
attained the age of 21, unless the consumer has
submitted a written application to the card issuer that
meets the requirements of subparagraph (B).
``(B) Application requirements.--An application to
open a credit card account by a consumer who has not
attained the age of 21 as of the date of submission of
the application shall require--
``(i) the signature of a cosigner, including
the parent, legal guardian, spouse, or any other
individual who has attained the age of 21 having a
means to repay debts incurred by the consumer in
connection with the account, indicating joint
liability for debts incurred by the consumer in
connection with the account before the consumer
has attained the age of 21; or
``(ii) submission by the consumer of financial
information, including through an application,
indicating an independent means of repaying any
obligation arising from the proposed extension of
credit in connection with the account.
``(C) Safe harbor.--The <> Board
shall promulgate regulations providing standards that,
if met, would satisfy the requirements of subparagraph
(B)(ii).''.
SEC. 302. PROTECTION OF YOUNG CONSUMERS FROM PRESCREENED CREDIT
OFFERS.

Section 604(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C.
1681b(c)(1)(B)) is amended--
(1) in clause (ii), by striking ``and'' at the end; and
(2) in clause (iii), by striking the period at the end and
inserting the following: ``; and
``(iv) the consumer report does not contain a date
of birth that shows that the consumer has not attained
the age of 21, or, if the date of birth on the consumer
report shows that the consumer has not attained the age
of 21, such consumer consents to the consumer reporting
agency to such furnishing.''.
SEC. 303. ISSUANCE OF CREDIT CARDS TO CERTAIN COLLEGE STUDENTS.

Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended
by adding at the end the following new subsection:
``(p) Parental Approval Required To Increase Credit Lines for
Accounts for Which Parent Is Jointly Liable.--No increase may be made in
the amount of credit authorized to be extended under a credit card
account for which a parent, legal guardian, or spouse of the consumer,
or any other individual has assumed joint liability for debts incurred
by the consumer in connection with the account before the consumer
attains the age of 21, unless that parent, guardian, or spouse approves
in writing, and assumes joint liability for, such increase.''.


[[Page 1749]]
123 STAT. 1749

SEC. 304. PRIVACY PROTECTIONS FOR COLLEGE STUDENTS.

Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is amended
by adding at the end the following:
``(f) Credit Card Protections for College Students.--
``(1) Disclosure required.--An institution of higher
education shall publicly disclose any contract or other
agreement made with a card issuer or creditor for the purpose of
marketing a credit card.
``(2) Inducements prohibited.--No card issuer or creditor
may offer to a student at an institution of higher education any
tangible item to induce such student to apply for or participate
in an open end consumer credit plan offered by such card issuer
or creditor, if such offer is made--
``(A) on the campus of an institution of higher
education;
``(B) near the campus of an institution of higher
education, as determined by rule of the Board; or
``(C) at an event sponsored by or related to an
institution of higher education.
``(3) Sense of the congress.--It is the sense of the
Congress that each institution of higher education should
consider adopting the following policies relating to credit
cards:
``(A) That any card issuer that markets a credit
card on the campus of such institution notify the
institution of the location at which such marketing will
take place.
``(B) That the number of locations on the campus of
such institution at which the marketing of credit cards
takes place be limited.
``(C) That credit card and debt education and
counseling sessions be offered as a regular part of any
orientation program for new students of such
institution.''.
SEC. 305. COLLEGE CREDIT CARD AGREEMENTS.

(a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C.
1637), as otherwise amended by this Act, is amended by adding at the end
the following:
``(r) College Card Agreements.--
``(1) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) College affinity card.--The term `college
affinity card' means a credit card issued by a credit
card issuer under an open end consumer credit plan in
conjunction with an agreement between the issuer and an
institution of higher education, or an alumni
organization or foundation affiliated with or related to
such institution, under which such cards are issued to
college students who have an affinity with such
institution, organization and--
``(i) the creditor has agreed to donate a
portion of the proceeds of the credit card to the
institution, organization, or foundation
(including a lump sum or 1-time payment of money
for access);
``(ii) the creditor has agreed to offer
discounted terms to the consumer; or
``(iii) the credit card bears the name,
emblem, mascot, or logo of such institution,
organization, or foundation, or other words,
pictures, or symbols readily


[[Page 1750]]
123 STAT. 1750

identified with such institution, organization, or
foundation.
``(B) College student credit card account.--The term
`college student credit card account' means a credit
card account under an open end consumer credit plan
established or maintained for or on behalf of any
college student.
``(C) College student.--The term `college student'
means an individual who is a full-time or a part-time
student attending an institution of higher education.
``(D) Institution of higher education.--The term
`institution of higher education' has the same meaning
as in section 101 and 102 of the Higher Education Act of
1965 (20 U.S.C. 1001 and 1002).
``(2) Reports by creditors.--
``(A) In general.--Each creditor shall submit an
annual report to the Board containing the terms and
conditions of all business, marketing, and promotional
agreements and college affinity card agreements with an
institution of higher education, or an alumni
organization or foundation affiliated with or related to
such institution, with respect to any college student
credit card issued to a college student at such
institution.
``(B) Details of report.--The information required
to be reported under subparagraph (A) includes--
``(i) any memorandum of understanding between
or among a creditor, an institution of higher
education, an alumni association, or foundation
that directly or indirectly relates to any aspect
of any agreement referred to in such subparagraph
or controls or directs any obligations or
distribution of benefits between or among any such
entities;
``(ii) the amount of any payments from the
creditor to the institution, organization, or
foundation during the period covered by the
report, and the precise terms of any agreement
under which such amounts are determined; and
``(iii) the number of credit card accounts
covered by any such agreement that were opened
during the period covered by the report, and the
total number of credit card accounts covered by
the agreement that were outstanding at the end of
such period.
``(C) Aggregation by institution.--The information
required to be reported under subparagraph (A) shall be
aggregated with respect to each institution of higher
education or alumni organization or foundation
affiliated with or related to such institution.
``(D) Initial <> report.--The
initial report required under subparagraph (A) shall be
submitted to the Board before the end of the 9-month
period beginning on the date of enactment of this
subsection.
``(3) Reports by board.--The <> Board shall submit to the Congress, and make
available to the public, an annual report that lists the
information concerning credit card agreements submitted to the
Board under paragraph (2) by each institution of higher
education, alumni organization, or foundation.''.

(b) Study and <> Report by the Comptroller
General.--



[[Page 1751]]
123 STAT. 1751

(1) Study.--The Comptroller General of the United States
shall, from time to time, review the reports submitted by
creditors under section 127(r) of the Truth in Lending Act, as
added by this section, and the marketing practices of creditors
to determine the impact that college affinity card agreements
and college student card agreements have on credit card debt.
(2) Report.--Upon completion of any study under paragraph
(1), the Comptroller General shall periodically submit a report
to the Congress on the findings and conclusions of the study,
together with such recommendations for administrative or
legislative action as the Comptroller General determines to be
appropriate.

TITLE IV--GIFT CARDS

SEC. 401. GENERAL-USE PREPAID CARDS, GIFT CERTIFICATES, AND STORE
GIFT CARDS.

The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is
amended--
(1) by redesignating sections 915 <> through 921 as sections 916 through 922,
respectively; and
(2) by inserting after section 914 the following:
``SEC. 915. <> GENERAL-USE PREPAID CARDS,
GIFT CERTIFICATES, AND STORE GIFT CARDS.

``(a) Definitions.--In this section, the following definitions shall
apply:
``(1) Dormancy fee; inactivity charge or fee.--The terms
`dormancy fee' and `inactivity charge or fee' mean a fee,
charge, or penalty for non-use or inactivity of a gift
certificate, store gift card, or general-use prepaid card.
``(2) General use prepaid card, gift certificate, and store
gift card.--
``(A) General-use prepaid card.--The term `general-
use prepaid card' means a card or other payment code or
device issued by any person that is--
``(i) redeemable at multiple, unaffiliated
merchants or service providers, or automated
teller machines;
``(ii) issued in a requested amount, whether
or not that amount may, at the option of the
issuer, be increased in value or reloaded if
requested by the holder;
``(iii) purchased or loaded on a prepaid
basis; and
``(iv) honored, upon presentation, by
merchants for goods or services, or at automated
teller machines.
``(B) Gift certificate.--The term `gift certificate'
means an electronic promise that is--
``(i) redeemable at a single merchant or an
affiliated group of merchants that share the same
name, mark, or logo;
``(ii) issued in a specified amount that may
not be increased or reloaded;
``(iii) purchased on a prepaid basis in
exchange for payment; and


[[Page 1752]]
123 STAT. 1752

``(iv) honored upon presentation by such
single merchant or affiliated group of merchants
for goods or services.
``(C) Store gift card.--The term `store gift card'
means an electronic promise, plastic card, or other
payment code or device that is--
``(i) redeemable at a single merchant or an
affiliated group of merchants that share the same
name, mark, or logo;
``(ii) issued in a specified amount, whether
or not that amount may be increased in value or
reloaded at the request of the holder;
``(iii) purchased on a prepaid basis in
exchange for payment; and
``(iv) honored upon presentation by such
single merchant or affiliated group of merchants
for goods or services.
``(D) Exclusions.--The terms `general-use prepaid
card', `gift certificate', and `store gift card' do not
include an electronic promise, plastic card, or payment
code or device that is--
``(i) used solely for telephone services;
``(ii) reloadable and not marketed or labeled
as a gift card or gift certificate;
``(iii) a loyalty, award, or promotional gift
card, as defined by the Board;
``(iv) not marketed to the general public;
``(v) issued in paper form only (including for
tickets and events); or
``(vi) redeemable solely for admission to
events or venues at a particular location or group
of affiliated locations, which may also include
services or goods obtainable--
``(I) at the event or venue after
admission; or
``(II) in conjunction with admission
to such events or venues, at specific
locations affiliated with and in
geographic proximity to the event or
venue.
``(3) Service fee.--
``(A) In general.--The term `service fee' means a
periodic fee, charge, or penalty for holding or use of a
gift certificate, store gift card, or general-use
prepaid card.
``(B) Exclusion.--With respect to a general-use
prepaid card, the term `service fee' does not include a
one-time initial issuance fee.

``(b) Prohibition on Imposition of Fees or Charges.--
``(1) In general.--Except as provided under paragraphs (2)
through (4), it shall be unlawful for any person to impose a
dormancy fee, an inactivity charge or fee, or a service fee with
respect to a gift certificate, store gift card, or general-use
prepaid card.
``(2) Exceptions.--A dormancy fee, inactivity charge or fee,
or service fee may be charged with respect to a gift
certificate, store gift card, or general-use prepaid card, if--


[[Page 1753]]
123 STAT. 1753

``(A) there has been no activity with respect to the
certificate or card in the 12-month period ending on the
date on which the charge or fee is imposed;
``(B) the disclosure requirements of paragraph (3)
have been met;
``(C) not more than one fee may be charged in any
given month; and
``(D) any additional requirements that the Board may
establish through rulemaking under subsection (d) have
been met.
``(3) Disclosure requirements.--The disclosure requirements
of this paragraph are met if--
``(A) the gift certificate, store gift card, or
general-use prepaid card clearly and conspicuously
states--
``(i) that a dormancy fee, inactivity charge
or fee, or service fee may be charged;
``(ii) the amount of such fee or charge;
``(iii) how often such fee or charge may be
assessed; and
``(iv) that such fee or charge may be assessed
for inactivity; and
``(B) the issuer or vendor of such certificate or
card informs the purchaser of such charge or fee before
such certificate or card is purchased, regardless of
whether the certificate or card is purchased in person,
over the Internet, or by telephone.
``(4) Exclusion.--The prohibition under paragraph (1) shall
not apply to any gift certificate--
``(A) that is distributed pursuant to an award,
loyalty, or promotional program, as defined by the
Board; and
``(B) with respect to which, there is no money or
other value exchanged.

``(c) Prohibition on Sale of Gift Cards With Expiration Dates.--
``(1) In general.--Except as provided under paragraph (2),
it shall be unlawful for any person to sell or issue a gift
certificate, store gift card, or general-use prepaid card that
is subject to an expiration date.
``(2) Exceptions.--A gift certificate, store gift card, or
general-use prepaid card may contain an expiration date if--
``(A) the expiration date is not earlier than 5
years after the date on which the gift certificate was
issued, or the date on which card funds were last loaded
to a store gift card or general-use prepaid card; and
``(B) the terms of expiration are clearly and
conspicuously stated.

``(d) Additional Rulemaking.--
``(1) In general.--The Board shall--
``(A) <> prescribe regulations
to carry out this section, in addition to any other
rules or regulations required by this title, including
such additional requirements as appropriate relating to
the amount of dormancy fees, inactivity charges or fees,
or service fees that may be assessed and the amount of
remaining value of a gift certificate, store gift card,
or general-use prepaid card below which such charges or
fees may be assessed; and


[[Page 1754]]
123 STAT. 1754

``(B) shall determine the extent to which the
individual definitions and provisions of the Electronic
Fund Transfer Act or Regulation E should apply to
general-use prepaid cards, gift certificates, and store
gift cards.
``(2) Consultation.--In prescribing regulations under this
subsection, the Board shall consult with the Federal Trade
Commission.
``(3) Timing; effective date.--
The <> regulations required by this subsection
shall be issued in final form not later than 9 months after the
date of enactment of the Credit CARD Act of 2009.''.
SEC. 402. RELATION TO STATE LAWS.

Section 920 of the Electronic Fund Transfer Act <>  (as redesignated by this title) is amended by inserting
``dormancy fees, inactivity charges or fees, service fees, or expiration
dates of gift certificates, store gift cards, or general-use prepaid
cards,'' after ``electronic fund transfers,''.
SEC. 403. <> EFFECTIVE DATE.

This title and the amendments made by this title shall become
effective 15 months after the date of enactment of this Act.

TITLE V--MISCELLANEOUS PROVISIONS

SEC. 501. STUDY AND REPORT ON INTERCHANGE FEES.

(a) Study Required.--The Comptroller General of the United States
(in this section referred to as the ``Comptroller'') shall conduct a
study on use of credit by consumers, interchange fees, and their effects
on consumers and merchants.
(b) Subjects for Review.--In conducting the study required by this
section, the Comptroller shall review--
(1) the extent to which interchange fees are required to be
disclosed to consumers and merchants, whether merchants are
restricted from disclosing interchange or merchant discount
fees, and how such fees are overseen by the Federal banking
agencies or other regulators;
(2) the ways in which the interchange system affects the
ability of merchants of varying size to negotiate pricing with
card associations and banks;
(3) the costs and factors incorporated into interchange
fees, such as advertising, bonus miles, and rewards, how such
costs and factors vary among cards;
(4) the consequences of the undisclosed nature of
interchange fees on merchants and consumers with regard to
prices charged for goods and services;
(5) how merchant discount fees compare to the credit losses
and other costs that merchants incur to operate their own credit
networks or store cards;
(6) the extent to which the rules of payment card networks
and their policies regarding interchange fees are accessible to
merchants;
(7) other jurisdictions where the central bank has regulated
interchange fees and the impact on retail prices to consumers in
such jurisdictions;
(8) whether and to what extent merchants are permitted to
discount for cash; and


[[Page 1755]]
123 STAT. 1755

(9) the extent to which interchange fees allow smaller
financial institutions and credit unions to offer payment cards
and compete against larger financial institutions.

(c) Report Required.--Not later than 180 days after the date of
enactment of this Act, the Comptroller shall submit a report to the
Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives
containing a detailed summary of the findings and conclusions of the
study required by this section, together with such recommendations for
legislative or administrative actions as may be appropriate.
SEC. 502. <> BOARD REVIEW OF CONSUMER CREDIT
PLANS AND REGULATIONS.

(a) Required Review.--Not <> later than 2 years
after the effective date of this Act and every 2 years thereafter,
except as provided in subsection (c)(2), the Board shall conduct a
review, within the limits of its existing resources available for
reporting purposes, of the consumer credit card market, including--
(1) the terms of credit card agreements and the practices of
credit card issuers;
(2) the effectiveness of disclosure of terms, fees, and
other expenses of credit card plans;
(3) the adequacy of protections against unfair or deceptive
acts or practices relating to credit card plans; and
(4) whether or not, and to what extent, the implementation
of this Act and the amendments made by this Act has affected--
(A) cost and availability of credit, particularly
with respect to non-prime borrowers;
(B) the safety and soundness of credit card issuers;
(C) the use of risk-based pricing; or
(D) credit card product innovation.

(b) Solicitation of Public Comment.--In connection with conducting
the review required by subsection (a), the Board shall solicit comment
from consumers, credit card issuers, and other interested parties, such
as through hearings or written comments.
(c) Regulations.--
(1) Notice.--Following <> the review required by subsection (a), the Board
shall publish a notice in the Federal Register that--
(A) summarizes the review, the comments received
from the public solicitation, and other evidence
gathered by the Board, such as through consumer testing
or other research; and
(B) either--
(i) proposes new or revised regulations or
interpretations to update or revise disclosures
and protections for consumer credit cards, as
appropriate; or
(ii) states the reason for the determination
of the Board that new or revised regulations are
not necessary.
(2) Revision of review period following material revision of
regulations.--In the event that the Board materially revises
regulations on consumer credit card plans, a review need not be
conducted until 2 years after the effective date of the revised
regulations, which thereafter shall be treated


[[Page 1756]]
123 STAT. 1756

as the new date for the biennial review required by subsection
(a).

(d) Board Report to the Congress.--The Board shall report to
Congress not less frequently than every 2 years, except as provided in
subsection (c)(2), on the status of its most recent review, its efforts
to address any issues identified from the review, and any
recommendations for legislation.
(e) Additional Reporting.--The Federal banking agencies (as that
term is defined in section 3 of the Federal Deposit Insurance Act) and
the Federal Trade Commission shall provide annually to the Board, and
the Board shall include in its annual report to Congress under section
10 of the Federal Reserve Act, information about the supervisory and
enforcement activities of the agencies with respect to compliance by
credit card issuers with applicable Federal consumer protection statutes
and regulations, including--
(1) this Act, the amendments made by this Act, and
regulations prescribed under this Act and such amendments; and
(2) section 5 of the Federal Trade Commission Act, and
regulations prescribed under the Federal Trade Commission Act,
including part 227 of title 12 of the Code of Federal
Regulations, as prescribed by the Board (referred to as
``Regulation AA'').
SEC. 503. <> STORED VALUE.

(a) In General.--Not <> later than 270
days after the date of enactment of this Act, the Secretary of the
Treasury, in consultation with the Secretary of Homeland Security, shall
issue regulations in final form implementing the Bank Secrecy Act,
regarding the sale, issuance, redemption, or international transport of
stored value, including stored value cards.

(b) Consideration of International Transport.--Regulations under
this section regarding international transport of stored value may
include reporting requirements pursuant to section 5316 of title 31,
United States Code.
(c) Emerging Methods for Transmittal and Storage in Electronic
Form.--Regulations under this section shall take into consideration
current and future needs and methodologies for transmitting and storing
value in electronic form.
SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ESTATES OF DECEDENT
OBLIGORS.

(a) In General.--Chapter 2 of the Truth in Lending <> Act ( U.S.C. 1631 et seq.) is amended by adding at the
end the following new section:
``Sec. 140A <> Procedure for timely settlement
of estates of decedent obligors

``The <> Board, in consultation with the Federal
Trade Commission and each other agency referred to in section 108(a),
shall prescribe regulations to require any creditor, with respect to any
credit card account under an open end consumer credit plan, to establish
procedures to ensure that any administrator of an estate of any deceased
obligor with respect to such account can resolve outstanding credit
balances in a timely manner.''.


[[Page 1757]]
123 STAT. 1757

(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 140 the following new item:

``140A. Procedure for timely settlement of estates of decedent
obligors'.''.

SEC. 505. REPORT TO CONGRESS ON REDUCTIONS OF CONSUMER CREDIT CARD
LIMITS BASED ON CERTAIN INFORMATION AS TO
EXPERIENCE OR TRANSACTIONS OF THE
CONSUMER.

(a) Report on Creditor Practices Required.--Before the end of the 1-
year period beginning on the date of enactment of this Act, the Board,
in consultation with the Comptroller of the Currency, the Director of
the Office of Thrift Supervision, the Federal Deposit Insurance
Corporation, the National Credit Union Administration Board, and the
Federal Trade Commission, shall submit a report to the Committee on
Financial Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate on the extent to
which, during the 3-year period ending on such date of enactment,
creditors have reduced credit limits or raised interest rates applicable
to credit card accounts under open end consumer credit plans based on--
(1) the geographic location where a credit transaction with
the consumer took place, or the identity of the merchant
involved in the transaction;
(2) the credit transactions of the consumer, including the
type of credit transaction, the type of items purchased in such
transaction, the price of items purchased in such transaction,
any change in the type or price of items purchased in such
transactions, and other data pertaining to the use of such
credit card account by the consumer; and
(3) the identity of the mortgage creditor which extended or
holds the mortgage loan secured by the primary residence of the
consumer.

(b) Other Information.--The report required under subsection (a)
shall also include--
(1) the number of creditors that have engaged in the
practices described in subsection (a);
(2) the extent to which the practices described in
subsection (a) have an adverse impact on minority or low-income
consumers;
(3) any other relevant information regarding such practices;
and
(4) recommendations to the Congress on any regulatory or
statutory changes that may be needed to restrict or prevent such
practices.
SEC. 506. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND
RECOMMENDATIONS.

(a) Required Review.--Not <> later than 9 months
after the date of enactment of this Act, the Board shall conduct a
review of the use of credit cards by businesses with not more than 50
employees (in this section referred to as ``small businesses'') and the
credit card market for small businesses, including--
(1) the terms of credit card agreements for small businesses
and the practices of credit card issuers relating to small
businesses;


[[Page 1758]]
123 STAT. 1758

(2) the adequacy of disclosures of terms, fees, and other
expenses of credit card plans for small businesses;
(3) the adequacy of protections against unfair or deceptive
acts or practices relating to credit card plans for small
businesses;
(4) the cost and availability of credit for small
businesses, particularly with respect to non-prime borrowers;
(5) the use of risk-based pricing for small businesses;
(6) credit card product innovation relating to small
businesses; and
(7) the extent to which small business owners use personal
credit cards to fund their business operations.

(b) Recommendations.--Following <> the review
required by subsection (a), the Board shall, not later than 12 months
after the date of enactment of this Act--
(1) <> provide a report to Congress that
summarizes the review and other evidence gathered by the Board,
such as through consumer testing or other research, and
(2) make recommendations for administrative or legislative
initiatives to provide protections for credit card plans for
small businesses, as appropriate.
SEC. 507. SMALL BUSINESS INFORMATION SECURITY TASK FORCE.

(a) Definitions.--In this section--
(1) the terms ``Administration'' and ``Administrator'' mean
the Small Business Administration and the Administrator thereof,
respectively;
(2) the term ``small business concern'' has the same meaning
as in section 3 of the Small Business Act (15 U.S.C. 632); and
(3) the term ``task force'' means the task force established
under subsection (b).

(b) Establishment.--The Administrator shall, in conjunction with the
Secretary of Homeland Security, establish a task force, to be known as
the ``Small Business Information Security Task Force'', to address the
information technology security needs of small business concerns and to
help small business concerns prevent the loss of credit card data.
(c) Duties.--The <> task force shall--
(1) identify--
(A) the information technology security needs of
small business concerns; and
(B) the programs and services provided by the
Federal Government, State Governments, and nongovernment
organizations that serve those needs;
(2) assess the extent to which the programs and services
identified under paragraph (1)(B) serve the needs identified
under paragraph (1)(A);
(3) make recommendations to the Administrator on how to more
effectively serve the needs identified under paragraph (1)(A)
through--
(A) programs and services identified under paragraph
(1)(B); and
(B) new programs and services promoted by the task
force;
(4) make recommendations on how the Administrator may
promote--


[[Page 1759]]
123 STAT. 1759

(A) new programs and services that the task force
recommends under paragraph (3)(B); and
(B) programs and services identified under paragraph
(1)(B);
(5) make recommendations on how the Administrator may inform
and educate with respect to--
(A) the needs identified under paragraph (1)(A);
(B) new programs and services that the task force
recommends under paragraph (3)(B); and
(C) programs and services identified under paragraph
(1)(B);
(6) make recommendations on how the Administrator may more
effectively work with public and private interests to address
the information technology security needs of small business
concerns; and
(7) make recommendations on the creation of a permanent
advisory board that would make recommendations to the
Administrator on how to address the information technology
security needs of small business concerns.

(d) Internet Website Recommendations.--The task force shall make
recommendations to the Administrator relating to the establishment of an
Internet website to be used by the Administration to receive and
dispense information and resources with respect to the needs identified
under subsection (c)(1)(A) and the programs and services identified
under subsection (c)(1)(B). As part of the recommendations, the task
force shall identify the Internet sites of appropriate programs,
services, and organizations, both public and private, to which the
Internet website should link.
(e) Education Programs.--The <> task force
shall make recommendations to the Administrator relating to developing
additional education materials and programs with respect to the needs
identified under subsection (c)(1)(A).

(f) Existing Materials.--The task force shall organize and
distribute existing materials that inform and educate with respect to
the needs identified under subsection (c)(1)(A) and the programs and
services identified under subsection (c)(1)(B).
(g) Coordination With Public and Private Sector.--In carrying out
its responsibilities under this section, the task force shall coordinate
with, and may accept materials and assistance as it determines
appropriate from, public and private entities, including--
(1) any subordinate officer of the Administrator;
(2) any organization authorized by the Small Business Act to
provide assistance and advice to small business concerns;
(3) other Federal agencies, their officers, or employees;
and
(4) any other organization, entity, or person not described
in paragraph (1), (2), or (3).

(h) Appointment of Members.--
(1) Chairperson and vice-chairperson.--The task force shall
have--
(A) a Chairperson, appointed by the Administrator;
and
(B) a Vice-Chairperson, appointed by the
Administrator, in consultation with appropriate
nongovernmental organizations, entities, or persons.
(2) Members.--


[[Page 1760]]
123 STAT. 1760

(A) Chairperson and vice-chairperson.--The
Chairperson and the Vice-Chairperson shall serve as
members of the task force.
(B) Additional members.--
(i) In general.--The task force shall have
additional members, each of whom shall be
appointed by the Chairperson, with the approval of
the Administrator.
(ii) Number of members.--The number of
additional members shall be determined by the
Chairperson, in consultation with the
Administrator, except that--
(I) the additional members shall
include, for each of the groups
specified in paragraph (3), at least 1
member appointed from within that group;
and
(II) the number of additional
members shall not exceed 13.
(3) Groups represented.--The groups specified in this
paragraph are--
(A) subject matter experts;
(B) users of information technologies within small
business concerns;
(C) vendors of information technologies to small
business concerns;
(D) academics with expertise in the use of
information technologies to support business;
(E) small business trade associations;
(F) Federal, State, or local agencies, including the
Department of Homeland Security, engaged in securing
cyberspace; and
(G) information technology training providers with
expertise in the use of information technologies to
support business.
(4) Political affiliation.--The appointments under this
subsection shall be made without regard to political
affiliation.

(i) Meetings.--
(1) Frequency.--The task force shall meet at least 2 times
per year, and more frequently if necessary to perform its
duties.
(2) Quorum.--A majority of the members of the task force
shall constitute a quorum.
(3) Location.--The Administrator shall designate, and make
available to the task force, a location at a facility under the
control of the Administrator for use by the task force for its
meetings.
(4)  <> Minutes.--
(A) In general.--Not <> later than 30 days
after the date of each meeting, the task force shall
publish the minutes of the meeting in the Federal
Register and shall submit to the Administrator any
findings or recommendations approved at the meeting.
(B) Submission to congress.--Not later than 60 days
after the date that the Administrator receives minutes
under subparagraph (A), the Administrator shall submit
to the Committee on Small Business and Entrepreneurship
of the Senate and the Committee on Small Business of


[[Page 1761]]
123 STAT. 1761

the House of Representatives such minutes, together with
any comments the Administrator considers appropriate.
(5) <>  Findings.--
(A) In general.--Not later than the date on which
the task force terminates under subsection (m), the task
force shall submit to the Administrator a final report
on any findings and recommendations of the task force
approved at a meeting of the task force.
(B) Submission to congress.--Not later than 90 days
after the date on which the Administrator receives the
report under subparagraph (A), the Administrator shall
submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on
Small Business of the House of Representatives the full
text of the report submitted under subparagraph (A),
together with any comments the Administrator considers
appropriate.

(j) Personnel Matters.--
(1) Compensation of members.--Each member of the task force
shall serve without pay for their service on the task force.
(2) Travel expenses.--Each member of the task force shall
receive travel expenses, including per diem in lieu of
subsistence, in accordance with applicable provisions under
subchapter I of chapter 57 of title 5, United States Code.
(3) Detail of sba employees.--The Administrator may detail,
without reimbursement, any of the personnel of the
Administration to the task force to assist it in carrying out
the duties of the task force. Such a detail shall be without
interruption or loss of civil status or privilege.
(4) SBA support of the task force.--Upon the request of the
task force, the Administrator shall provide to the task force
the administrative support services that the Administrator and
the Chairperson jointly determine to be necessary for the task
force to carry out its duties.

(k) Not Subject to Federal Advisory Committee Act.--The Federal
Advisory Committee Act (5 U.S.C. App.) shall not apply to the task
force.
(l) Startup Deadlines.--The initial appointment of the members of
the task force shall be completed not later than 90 days after the date
of enactment of this Act, and the first meeting of the task force shall
be not later than 180 days after the date of enactment of this Act.
(m) Termination.--
(1) In general.--Except as provided in paragraph (2), the
task force shall terminate at the end of fiscal year 2013.
(2) Exception.--If, as of the termination date under
paragraph (1), the task force has not complied with subsection
(i)(4) with respect to 1 or more meetings, then the task force
shall continue after the termination date for the sole purpose
of achieving compliance with subsection (i)(4) with respect to
those meetings.

(n) Authorization of Appropriations.--There is authorized to be
appropriated to carry out this section $300,000 for each of fiscal years
2010 through 2013.


[[Page 1762]]
123 STAT. 1762

SEC. 508. STUDY AND REPORT ON EMERGENCY PIN TECHNOLOGY.

(a) In General.--The Federal Trade Commission, in consultation with
the Attorney General of the United States and the United States Secret
Service, shall conduct a study on the cost-effectiveness of making
available at automated teller machines technology that enables a
consumer that is under duress to electronically alert a local law
enforcement agency that an incident is taking place at such automated
teller machine, including--
(1) an emergency personal identification number that would
summon a local law enforcement officer to an automated teller
machine when entered into such automated teller machine; and
(2) a mechanism on the exterior of an automated teller
machine that, when pressed, would summon a local law enforcement
to such automated teller machine.

(b) Contents of Study.--The study required under subsection (a)
shall include--
(1) an analysis of any technology described in subsection
(a) that is currently available or under development;
(2) an estimate of the number and severity of any crimes
that could be prevented by the availability of such technology;
(3) the estimated costs of implementing such technology; and
(4) a comparison of the costs and benefits of not fewer than
3 types of such technology.

(c) Report.--Not later than 9 months after the date of enactment of
this Act, the Federal Trade Commission shall submit to Congress a report
on the findings of the study required under this section that includes
such recommendations for legislative action as the Commission determines
appropriate.
SEC. 509. STUDY AND REPORT ON THE MARKETING OF PRODUCTS WITH
CREDIT OFFERS.

(a) Study.--The Comptroller General of the United States shall
conduct a study on the terms, conditions, marketing, and value to
consumers of products marketed in conjunction with credit card offers,
including--
(1) debt suspension agreements;
(2) debt cancellation agreements; and
(3) credit insurance products.

(b) Areas of Concern.--The study conducted under this section shall
evaluate--
(1) the suitability of the offer of products described in
subsection (a) for target customers;
(2) the predatory nature of such offers; and
(3) specifically for debt cancellation or suspension
agreements and credit insurance products, loss rates compared to
more traditional insurance products.

(c) Report to Congress.--The Comptroller shall submit a report to
Congress on the results of the study required by this section not later
than December 31, 2010.
SEC. 510. FINANCIAL AND ECONOMIC LITERACY.

(a) Report on Federal Financial and Economic Literacy Education
Programs.--
(1) In general.--Not later than 9 months after the date of
enactment of this Act, the Secretary of Education and the


[[Page 1763]]
123 STAT. 1763

Director of the Office of Financial Education of the Department
of the Treasury shall coordinate with the President's Advisory
Council on Financial Literacy--
(A) to evaluate and compile a comprehensive summary
of all existing Federal financial and economic literacy
education programs, as of the time of the report; and
(B) to prepare and submit a report to Congress on
the findings of the evaluations.
(2) Contents.--The report required by this subsection shall
address, at a minimum--
(A) the 2008 recommendations of the President's
Advisory Council on Financial Literacy;
(B) existing Federal financial and economic literacy
education programs for grades kindergarten through grade
12, and annual funding to support these programs;
(C) existing Federal postsecondary financial and
economic literacy education programs and annual funding
to support these programs;
(D) the current financial and economic literacy
education needs of adults, and in particular, low- and
moderate-income adults;
(E) ways to incorporate and disseminate best
practices and high quality curricula in financial and
economic literacy education; and
(F) specific recommendations on sources of revenue
to support financial and economic literacy education
activities with a specific analysis of the potential use
of credit card transaction fees.

(b) Strategic Plan.--
(1) In general.--The Secretary of Education and the Director
of the Office of Financial Education of the Department of the
Treasury shall coordinate with the President's Advisory Council
on Financial Literacy to develop a strategic plan to improve and
expand financial and economic literacy education.
(2) Contents.--The plan developed under this subsection
shall--
(A) incorporate findings from the report and
evaluations of existing Federal financial and economic
literacy education programs under subsection (a); and
(B) include proposals to improve, expand, and
support financial and economic literacy education based
on the findings of the report and evaluations.
(3) Presentation to congress.--The <> plan
developed under this subsection shall be presented to Congress
not later than 6 months after the date on which the report under
subsection (a) is submitted to Congress.

(c) Effective Date.--Notwithstanding section 3, this section shall
become effective on the date of enactment of this Act.
SEC. 511. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE LENDING.

(a) In <> General.--Section 626 of division D
of the Omnibus Appropriations Act, 2009 (Public Law 111-8) is amended--
(1) in subsection (a)--
(A) by striking ``Within'' and inserting ``(1)
Within'';
(B) in paragraph (1), as designated by subparagraph
(A), by inserting after the first sentence the
following:


[[Page 1764]]
123 STAT. 1764

``Such rulemaking shall relate to unfair or deceptive
acts or practices regarding mortgage loans, which may
include unfair or deceptive acts or practices involving
loan modification and foreclosure rescue services.'';
and
(C) by adding at the end the following:
``(2) Paragraph (1) shall not be construed to authorize the
Federal Trade Commission to promulgate a rule with respect to an
entity that is not subject to enforcement of the Federal Trade
Commission Act (15 U.S.C. 41 et seq.) by the Commission.
``(3) <> Before issuing a final rule
pursuant to the proceeding initiated under paragraph (1), the
Federal Trade Commission shall consult with the Federal Reserve
Board concerning any portion of the proposed rule applicable to
acts or practices to which the provisions of the Truth in
Lending Act (15 U.S.C. 1601 et seq.) may apply.
``(4) The Federal Trade Commission shall enforce the rules
issued under paragraph (1) in the same manner, by the same
means, and with the same jurisdiction, powers, and duties as
though all applicable terms and provisions of the Federal Trade
Commission Act (15 U.S.C. 41 et seq.) were incorporated into and
made part of this section.''; and
(2) in subsection (b)--
(A) by striking so much as precedes paragraph (2)
and inserting the following:

``(b)(1) Except as provided in paragraph (6), in any case in which
the attorney general of a State has reason to believe that an interest
of the residents of that State has been or is threatened or adversely
affected by the engagement of any person subject to a rule prescribed
under subsection (a) in a practice that violates such rule, the State,
as parens patriae, may bring a civil action on behalf of the residents
of the State in an appropriate district court of the United States or
other court of competent jurisdiction--
``(A) to enjoin that practice;
``(B) to enforce compliance with the rule;
``(C) to obtain damages, restitution, or other compensation
on behalf of residents of the State; or
``(D) to obtain penalties and relief provided by the Federal
Trade Commission Act and such other relief as the court
considers appropriate.''; and
(B) in paragraphs (2), (3), and (6), by striking
``Commission'' each place it appears and inserting
``primary Federal regulator''.

(b) Effective <> Date.--The amendments made
by subsection (a) shall take effect on March 12, 2009.
SEC. 512. <> PROTECTING AMERICANS FROM
VIOLENT CRIME.

(a) Congressional Findings.--Congress finds the following:
(1) The Second Amendment to the Constitution provides that
``the right of the people to keep and bear Arms, shall not be
infringed''.
(2) Section 2.4(a)(1) of title 36, Code of Federal
Regulations, provides that ``except as otherwise provided in
this section and parts 7 (special regulations) and 13 (Alaska
regulations), the following are prohibited: (i) Possessing a
weapon, trap or net (ii) Carrying a weapon, trap or net (iii)
Using a weapon, trap or net''.


[[Page 1765]]
123 STAT. 1765

(3) Section 27.42 of title 50, Code of Federal Regulations,
provides that, except in special circumstances, citizens of the
United States may not ``possess, use, or transport firearms on
national wildlife refuges'' of the United States Fish and
Wildlife Service.
(4) The regulations described in paragraphs (2) and (3)
prevent individuals complying with Federal and State laws from
exercising the second amendment rights of the individuals while
at units of--
(A) the National Park System; and
(B) the National Wildlife Refuge System.
(5) The existence of different laws relating to the
transportation and possession of firearms at different units of
the National Park System and the National Wildlife Refuge System
entrapped law-abiding gun owners while at units of the National
Park System and the National Wildlife Refuge System.
(6) Although the Bush administration issued new regulations
relating to the Second Amendment rights of law-abiding citizens
in units of the National Park System and National Wildlife
Refuge System that went into effect on January 9, 2009--
(A) on March 19, 2009, the United States District
Court for the District of Columbia granted a preliminary
injunction with respect to the implementation and
enforcement of the new regulations; and
(B) the new regulations--
(i) are under review by the administration;
and
(ii) may be altered.
(7) Congress needs to weigh in on the new regulations to
ensure that unelected bureaucrats and judges cannot again
override the Second Amendment rights of law-abiding citizens on
83,600,000 acres of National Park System land and 90,790,000
acres of land under the jurisdiction of the United States Fish
and Wildlife Service.
(8) The Federal laws should make it clear that the second
amendment rights of an individual at a unit of the National Park
System or the National Wildlife Refuge System should not be
infringed.

(b) Protecting the Right of Individuals To Bear arms in Units of the
National Park System and the National Wildlife Refuge System.--The
Secretary of the Interior shall not promulgate or enforce any regulation
that prohibits an individual from possessing a firearm including an
assembled or functional firearm in any unit of the National Park System
or the National Wildlife Refuge System if--
(1) the individual is not otherwise prohibited by law from
possessing the firearm; and
(2) the possession of the firearm is in compliance with the
law of the State in which the unit of the National Park System
or the National Wildlife Refuge System is located.
SEC. 513. GAO STUDY AND REPORT ON FLUENCY IN THE ENGLISH LANGUAGE
AND FINANCIAL LITERACY.

(a) Study.--The Comptroller General of the United States shall
conduct a study examining--
(1) the relationship between fluency in the English language
and financial literacy; and


[[Page 1766]]
123 STAT. 1766

(2) the extent, if any, to which individuals whose native
language is a language other than English are impeded in their
conduct of their financial affairs.

(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit a
report to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives that contains a detailed summary of the findings and
conclusions of the study required under subsection (a).

Approved May 22, 2009.

LEGISLATIVE HISTORY--H.R. 627 (S. 414):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 111-88 (Comm. on Financial Services).
SENATE REPORTS: No. 111-16 (Comm. on Banking, Housing, and Urban
Affairs) accompanying S. 414.
CONGRESSIONAL RECORD, Vol. 155 (2009):
Apr. 29, 30, considered and passed House.
May 11-14, 19, considered and passed Senate, amended.
May 20, House concurred in Senate amendment.
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2009):
May 22, Presidential remarks.