123STA T . 1 74 3 PUBLIC LA W 111 – 24 —M A Y 22 , 2 0 0 9(1)bystrik i ng t he ite m re la ting t o se c tion 1 63 an d inserting the f ollo w ing
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‘ 163.Tim i ngofpay m e n ts . ’ ’
an d ( 2 ) by striking the item relating to section 1 7 1 and inserting the following: ‘‘1 7 1. U ni v e r sa l defa u lts pro h i b ited. ‘‘17 2 . Unilateral c hanges in credit card agreement prohibited. ‘‘173. A pplicability of S tate la w s.’’. SEC.107 .E NHA NCE DP ENA LTI ES. S ection 13 0 (a)(2)( A ) of the T r u th in L ending Act (1 5U. S. C . 16 4 0(a)(2)(A)) is amended by striking ‘ ‘or (iii) in the ’ ’ and inserting the following: ‘‘(iii) in the case of an indi v idual action relating toano p en 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 ama x imum 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. 10 8 . CLE R ICAL A M ENDMENTS. 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 con - sumer credit plan’’ after ‘‘credit plan’’ each place that term appears. SEC. 10 9 .C O NSIDERATION O F A B ILIT Y TO REPAY. (a) INGE NE RAL .—Chapter 3 of the Truth in Lending Act (15 U.S.C. 1666 et se q .), as amended by this title, is amended by adding at the end the following: ‘ ‘SEC. 1 5 0. 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) CLER IC ALA M EN D MEN T .—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: ‘‘1 50 . C onsideration of ability to repay.’’. TI T LE II — E NHA N C E D C O N SUM E R DISCLOSURES SEC. 2 01. PAYOFF TIMIN G DISCLOS U RES. (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: ‘ M in- imum P ayment W arning: Making only the minimum payment will increase the amount of interest you pay and the time 15USC 1 6 65 e.
