Credit Card Accountability Responsibility and Disclosure Act of 2009/Title II

{{SECTION|SEC. 201.|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:


 * (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.

{{SECTION|SEC. 202.|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:

{{SECTION|SEC. 203.|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”.

{{SECTION|SEC. 204.|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:

{{SECTION|SEC. 205.|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:


 * (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’.”.