Page:United States Statutes at Large Volume 123.djvu/1769

 123STA T . 1 749PUBLIC LA W 111 – 24 —M A Y 22, 2 0 09 SEC.304 . PRIVA C Y PR OT ECTIO N S F OR CO L LE G EST UD ENTS. Section140 o f t h e Tru th in L en d in gA ct ( 1 5U. S. C . 1 6 50 ) i sam ended by adding at the end the fo l lo w ing

‘(f) C REDIT C A RD P R O TE C TIO NSF OR CO L LE G EST U DENTS. — ‘‘(1) D ISCLOSURE RE Q UIRED.—An institution of higher edu - cation shall p ublicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of mar k eting a credit card. ‘‘( 2 ) I NDUCE M ENTS P RO H I B ITED.— N o card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or partici- pate in an open end consumer credit plan offered by such card issuer or creditor , if such offer is made— ‘‘(A) on the campus of an institution of higher edu- cation ‘‘( B ) near the campus of an institution of higher edu- cation, as determined by rule of the Board; or ‘‘(C) at an e v ent sponsored by or related to an institu- tion of higher education. ‘‘( 3 ) SENSE OF THE CONGRESS.—It is the sense of the Con- gress that each institution of higher education should consider adopting the following policies relating to credit cards: ‘‘(A) That any card issuer that markets a credit card on the campus of such institution notify the institution of the location at which such marketing will take place. ‘‘(B) That the number of locations on the campus of such institution at which the marketing of credit cards takes place be limited. ‘‘(C) That credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students of such institution. ’ ’. SEC. 30 5 . COLLEGE CREDIT CARD AGREE M ENTS. (a) IN G ENERAL.—Section 12 7 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: ‘‘(r) COLLEGE CARD AGREEMENTS.— ‘‘(1) DEFINITIONS.— F or purposes of this subsection, the fol- lowing definitions shall apply: ‘‘(A) COLLEGE AFFINIT Y CARD.—The term ‘college affinity card’ means a credit card issued by a credit card issuer under an open end consumer credit plan in con j unc- tion with an agreement between the issuer and an institu- tion of higher education, or an alumni organi z ation or foundation affiliated with or related to such institution, under which such cards are issued to college students who have an affinity with such institution, organization and— ‘‘(i) the creditor has agreed to donate a portion of the proceeds of the credit card to the institution, organization, or foundation (including a lump sum or 1-time payment of money for access); ‘‘(ii) the creditor has agreed to offer discounted terms to the consumer; or ‘‘(iii) the credit card bears the name, emblem, mascot, or logo of such institution, organization, or foundation, or other words, pictures, or symbols readily