Page:United States Statutes at Large Volume 119.djvu/229

 PUBLIC LAW 109–8—APR. 20, 2005

119 STAT. 211

account for an introductory period of less than 1 year, if that rate is less than an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation; and ‘‘(ii) the term ‘introductory period’ means the maximum time period for which the temporary annual percentage rate may be applicable. ‘‘(E) RELATION TO OTHER DISCLOSURE REQUIREMENTS.— Nothing in this paragraph may be construed to supersede subsection (a) of section 122, or any disclosure required by paragraph (1) or any other provision of this subsection.’’. (b) REGULATORY IMPLEMENTATION.— (1) IN GENERAL.—The Board shall promulgate regulations implementing the requirements of section 127(c)(6) of the Truth in Lending Act, as added by this section. (2) EFFECTIVE DATE.—Section 127(c)(6) of the Truth in Lending Act, as added by this section, and regulations issued under paragraph (1) of this subsection shall not take effect until the later of— (A) 12 months after the date of enactment of this Act; or (B) 12 months after the date of publication of such final regulations by the Board.

15 USC 1637 note. 15 USC 1637 note.

SEC. 1304. INTERNET-BASED CREDIT CARD SOLICITATIONS.

(a) INTERNET-BASED SOLICITATIONS.—Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is amended by adding at the end the following: ‘‘(7) INTERNET-BASED SOLICITATIONS.— ‘‘(A) IN GENERAL.—In any solicitation to open a credit card account for any person under an open end consumer credit plan using the Internet or other interactive computer service, the person making the solicitation shall clearly and conspicuously disclose— ‘‘(i) the information described in subparagraphs (A) and (B) of paragraph (1); and ‘‘(ii) the information described in paragraph (6). ‘‘(B) FORM OF DISCLOSURE.—The disclosures required by subparagraph (A) shall be— ‘‘(i) readily accessible to consumers in close proximity to the solicitation to open a credit card account; and ‘‘(ii) updated regularly to reflect the current policies, terms, and fee amounts applicable to the credit card account. ‘‘(C) DEFINITIONS.—For purposes of this paragraph— ‘‘(i) the term ‘Internet’ means the international computer network of both Federal and non-Federal interoperable packet switched data networks; and ‘‘(ii) the term ‘interactive computer service’ means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet and such systems operated or services offered by libraries or educational institutions.’’. (b) REGULATORY IMPLEMENTATION.—

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