1ST SESSION H. R. 627
To amend the Truth in Lending Act to establish fair and transparent prac-
tices relating to the extension of credit under an open end consumer
credit plan, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 22, 2009
Mrs. MALONEY (for herself, Mr. FRANK of Massachusetts, Mr. JONES, Mr.
KANJORSKI, Ms. WATERS, Mr. GUTIERREZ, Mr. ACKERMAN, Mr.
CAPUANO, Mr. ELLISON, Mr. DAVIS of Tennessee, Mr. CLEAVER, Mr.
GEORGE MILLER of California, Mr. OBEY, Mr. DEFAZIO, Mr. HINOJOSA,
Mr. MCGOVERN, Mr. YARMUTH, Mr. OLVER, Ms. EDWARDS of Maryland,
Mr. COURTNEY, Ms. DELAURO, Mr. KENNEDY, Mrs. LOWEY, Mr. BRADY
of Pennsylvania, Mr. CHANDLER, Mr. LOEBSACK, Mr. PASCRELL, Mr.
BISHOP of New York, Mr. FILNER, Mr. CARNAHAN, Mr. WEINER, Mr.
MARKEY of Massachusetts, Mr. GRIJALVA, Mr. CUMMINGS, Ms.
SCHAKOWSKY, Mr. GENE GREEN of Texas, Mr. MORAN of Virginia, Ms.
SUTTON, Mr. HINCHEY, Ms. BORDALLO, Ms. LEE of California, Mr.
WELCH, and Mr. HIGGINS) introduced the following bill; which was re-
ferred to the Committee on Financial Services
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
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
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•HR 627 IH
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Credit Cardholders’
Bill of Rights Act of 2009’’.
SEC. 2. CREDIT CARDS ON TERMS CONSUMERS CAN REPAY.
(a) RETROACTIVE RATE INCREASES AND UNIVERSAL
DEFAULT LIMITED.—Chapter 2 of the Truth in Lending
Act (15 U.S.C. 1631 et seq.) is amended by inserting after
section 127A the following new section:
‘‘§ 127B. Additional requirements for credit card ac-
counts under an open end consumer