Page:United States Statutes at Large Volume 123.djvu/1767

 123STA T . 1 74 7 PUBLIC LA W 111 – 24 —M A Y 22, 2 0 0 9section603)a n d t h e F ede r a lT rade C o m mission , ma yp rom u l -g ate regulations to implement this su b section, including speci- f ying the format for posting the agreements on the I nternet sites of creditors and establishing e x ceptions to paragraphs (1 )and( 2 ), in any case in w hich the administrati v e burden outweighs the benefit of increased transparency, such as where a credit card plan has a de minimis number of consumer account holders .’ ’. SEC.205 . PR E V E NTIO NO FD ECEPTIVE MA R K ETIN G OF CREDIT REPORTS. (a) PREV E NTI N GD E C E P TIVE MA R K ETING. —S ection 612 of the Fair Credit R eporting A ct (1 5U .S.C. 16 8 1 j ) is amended by adding at the end the following

‘(g) PREVENTI O NO F DECEPTIVE MARKETING OF CRE D IT REPORT S .— ‘‘(1) IN GENERA L .—Subject to rulema k ing pursuant to sec- tion 205(b) of the Credit CARD Act of 200 9, any advertisement for a free credit report in any medium shall prominently disclose in such advertisement that free credit reports are available under Federal law at: ‘AnnualCreditReport.com’ (or such other source as may be authori z ed under Federal law). ‘‘(2) TELEVISION AND RADIO ADVERTISE M ENT.—In the case of an advertisement broadcast by television, the disclosures re q uired under paragraph (1) shall be included in the audio and visual part of such advertisement. In the case of an advertisement broadcast by televison or radio, the disclosure required under paragraph (1) shall consist only of the following: ‘This is not the free credit report provided for by Federal law’.’’. (b) R U LEMAKING.— (1) IN GENERAL.— N ot 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’.’’. TI T LE III —PRO TE C TIO N O FY O U N G CON S U M ERS SEC. 3 0 1 .E X TENSIONS OF CREDIT TO U NDERAGE CONSUMERS. Section 12 7 (c) of the Truth in L ending Act (15 U.S.C. 1637(c)) is amended by adding at the end the following: Deadlin e .15USC 1 68 1 j n ot e.