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

{{SECTION|SEC. 301.|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:

{{SECTION|SEC. 302.|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.´´.

{{SECTION|SEC. 303.|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.´´.

{{SECTION|SEC. 304.|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:

{{SECTION|SEC. 305.|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:


 * (b) Study and Report by the Comptroller General.—
 * (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.