12 2 STA T . 2 857PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 ‘ ‘ (i i )theconsum e rp ro v i d es to the creditor a dated ,w ritten statement descri b in g the emergenc y and speci f i - ca l ly waiving or modifying those timing re q uirements, which statement shall bear the signature of all consumers entitled to receive the disclosures required by this para- graph
and ‘‘(iii) the creditor provides to the consumers at or before the time of such waiver or modification, the final disclo- sures required by paragraph ( 1 ) . ‘‘( G ) T he requirements of subparagraphs ( B ),( C ),( D ) and ( E ) shall not apply to e x tensions of credit relating to plans described in section 1 0 1( 53 D) of title 11, U nited S tates Code. ’ ’. (b) C IV I LL I AB ILI TY . — Section 130(a) of the Truth in Lending A ct (15 U.S.C. 1 64 0(a)) is amended— (1) in paragraph ( 2 )(A)(iii), by stri k ing ‘‘not less than $ 200 or greater than $2,000’’ and inserting ‘‘not less than $400 or greater than $4,000’’; and (2) in the penultimate sentence of the undesignated matter following paragraph (4)— (A) by inserting ‘‘or section 12 8 (b)(2)(C)(ii),’’ after ‘‘128(a),’’; and (B) by inserting ‘‘or section 128(b)(2)(C)(ii)’’ before the period. (c) E F F EC TIVE DATE S .— (1) GE N E R AL D ISCL O S U RES.—Except as provided in para- graph (2), the amendments made by subsection (a) shall become effective 12 months after the date of enactment of this Act. (2) V ARIABLE INTEREST RATES.—Subparagraph (C) of section 128(b)(2) of the Truth in Lending Act (15 U.S.C. 1638(b)(2)(C)), as added by subsection (a) of this section, shall become effective on the earlier of— (A) the compliance date established by the Board for such purpose, by regulation; or (B) 30 months after the date of enactment of this Act. SEC.2503 .C OM M UNITYD E V E L O P MENT INVESTMENT A UT H O R ITY F OR DEPOSITORY INSTITUTIONS. (a) N ATIONAL BAN K S.—The first sentence of the paragraph des- ignated as the ‘‘Eleventh’’ of section 5136 of the R evised Statutes of the United States (12 U.S.C. 24) is amended by striking ‘‘promotes the public welfare by benefitting primarily’’ and inserting ‘‘is designed primarily to promote the public welfare, including the welfare of’’. (b) STATE M E M BER BANKS.—The first sentence of the 23rd paragraph of section 9 of the F ederal Reserve Act (12 U.S.C. 338a) is amended by striking ‘‘promotes the public welfare by benefitting primarily’’ and inserting ‘‘is designed primarily to promote the public welfare, including the welfare of’’. 15USC 1 638note.
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