Page:United States Statutes at Large Volume 123.djvu/1762

 123STA T . 1 74 2 PUBLIC LA W 111 – 24 —M A Y 22, 2 0 0 9‘ ‘ (n)STAND A R D SAP P LIC A B L E T OI NITIAL ISS U ANCE O F SUBPRI M E OR‘ F EE H AR V ESTER ’C ARDS .— ‘‘( 1 )IN G ENERAL.—I fthe te rmso f ac re di t card acco u nt under an o p en end consumer credit p l an re q uire the pa y ment of any fees (other than any late fee, o v er - the-limit fee, or fee for a payment returned for insufficient funds) b y the con- sumer in the first year durin gw hich the account is opened in an aggregate amount in e x cess of 25 percent of the total amount of credit authori z ed under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account. ‘‘(2) R ULE OF CONSTRUCTION.— N o provision of this sub- section may be construed as authorizing any imposition or payment of advance fees otherwise prohibited by any provision of law.’’. SEC.106 . RUL ES RE GA R DIN G P ERI O DIC S T ATE M ENTS. (a) IN G ENERAL.—Section 12 7 of the T ruth in L ending Act (15 U .S.C. 1 63 7) is amended by adding at the end the following ‘‘(o) D UE DATES FOR CREDIT CARD ACCOUNTS.— ‘‘(1) IN GENERAL.—The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month. ‘‘(2) W EE K END OR H OLIDA Y DUE DATES.—If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including wee k ends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’’. (b) LENGTH OF B ILLING P ERIOD.— (1) IN GENERAL.—Section 163 of the Truth in Lending Act (15 U.S.C. 1666b) is amended to read as follows: ‘ ‘SEC. 16 3 . TIMING O F PA Y MENTS. ‘‘(a) TIME TO M AKE PAYMENTS.—A creditor may not treat a payment on an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 127(b) is mailed or delivered to the consumer not later than 21 days before the payment due date. ‘‘(b) GRACE PERIOD.—If an open end consumer credit plan pro- vides a time period within which an obligor may repay any portion of the credit extended without incurring an additional finance charge, such additional finance charge may not be imposed with respect to such portion of the credit extended for the billing cycle of which such period is a part, unless a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.’’. (2) E FFECTIVE DATE.—Notwithstanding section 3, section 163 of the Truth in Lending Act, as amended by this subsection, shall become effective 90 days after the date of enactment of this Act. (c) CLERICAL AMENDMENTS.—The table of sections for chapter 4 of the Truth in Lending Act is amended— 15USC 1 6 66 bnote.D e adli ne s .