119 STAT. 212
PUBLIC LAW 109–8—APR. 20, 2005 (1) IN GENERAL.—The Board shall promulgate regulations implementing the requirements of section 127(c)(7) of the Truth in Lending Act, as added by this section. (2) EFFECTIVE DATE.—The amendment made by subsection (a) and the 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. 1305. DISCLOSURES RELATED TO LATE PAYMENT DEADLINES AND PENALTIES.
15 USC 1637 note. 15 USC 1637 note.
(a) DISCLOSURES RELATED TO LATE PAYMENT DEADLINES AND PENALTIES.—Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is amended by adding at the end the following: ‘‘(12) If a late payment fee is to be imposed due to the failure of the obligor to make payment on or before a required payment due date, the following shall be stated clearly and conspicuously on the billing statement: ‘‘(A) The date on which that payment is due or, if different, the earliest date on which a late payment fee may be charged. ‘‘(B) The amount of the late payment fee to be imposed if payment is made after such date.’’. (b) REGULATORY IMPLEMENTATION.— (1) IN GENERAL.—The Board shall promulgate regulations implementing the requirements of section 127(b)(12) of the Truth in Lending Act, as added by this section. (2) EFFECTIVE DATE.—The amendment made by subsection (a) 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. SEC. 1306. PROHIBITION ON CERTAIN ACTIONS FOR FAILURE TO INCUR FINANCE CHARGES.
15 USC 1637 note. 15 USC 1637 note.
VerDate 14-DEC-2004
08:19 Oct 26, 2006
(a) PROHIBITION ON CERTAIN ACTIONS FOR FAILURE TO INCUR FINANCE CHARGES.—Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following: ‘‘(h) PROHIBITION ON CERTAIN ACTIONS FOR FAILURE TO INCUR FINANCE CHARGES.—A creditor of an account under an open end consumer credit plan may not terminate an account prior to its expiration date solely because the consumer has not incurred finance charges on the account. Nothing in this subsection shall prohibit a creditor from terminating an account for inactivity in 3 or more consecutive months.’’. (b) REGULATORY IMPLEMENTATION.— (1) IN GENERAL.—The Board shall promulgate regulations implementing the requirements of section 127(h) of the Truth in Lending Act, as added by this section. (2) EFFECTIVE DATE.—The amendment made by subsection (a) 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
Jkt 039194
PO 00001
Frm 00210
Fmt 6580
Sfmt 6581
E:\PUBLAW\PUBL001.119
APPS06
PsN: PUBL001
�
