Student Credit Card Transparency Act of 2009 - Amends the Truth in Lending Act to require creditors to report annually to the Federal Reserve Board on the terms and conditions of all business, marketing, and promotional agreements and college affinity card agreements with institutions of higher education, or related alumni organizations or foundations, with respect to college student credit cards issued to students at such schools.
Directs the Comptroller General to review such reports and creditor marketing practices periodically and report to Congress on the affect college affinity card agreements and college student credit card agreements have on credit card debt.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2217 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 2217
To amend the Truth in Lending Act to require creditors to report the
terms and conditions of all business, marketing, promotional agreements
and college affinity card agreements with institutions of higher
education and alumni organizations, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 30, 2009
Mr. Patrick J. Murphy of Pennsylvania (for himself and Mr. Petri)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To amend the Truth in Lending Act to require creditors to report the
terms and conditions of all business, marketing, promotional agreements
and college affinity card agreements with institutions of higher
education and alumni organizations, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Student Credit Card Transparency Act
of 2009''.
SEC. 2. COLLEGE CREDIT CARD AGREEMENTS.
(a) In General.--Section 127 of the Truth in Lending Act is amended
by adding at the end the following new subsection:
``(i) College Card Agreements.--
``(1) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) College affinity card.--The term `college
affinity card' means a credit card issued by a credit
card issuer under an open end consumer credit plan in
conjunction with an agreement between the issuer and an
institution of higher education, or an alumni
organization 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 identified with
such institution, organization, or foundation.
``(B) College student credit card account.--The
term `college student credit card account' means a
credit card account under an open end consumer credit
plan established or maintained for or on behalf of any
college student.
``(C) College student.--The term `college student'
means an individual who is a full-time or a part-time
student attending an institution of higher education.
``(D) Institution of higher education.--The term
`institution of higher education' has the same meaning
as in section 101 and 102 of the Higher Education Act
of 1965 (20 U.S.C. 1002).
``(2) Reports by creditors.--
``(A) In general.--Each creditor shall submit an
annual report to the Board containing the terms and
conditions of all business, marketing, and promotional
agreements and college affinity card agreements with an
institution of higher education, or an alumni
organization or foundation affiliated with or related
to such institution, with respect to any college
student credit card issued to a college student at such
institution.
``(B) Details of report.--The information required
to be reported under subparagraph (A) includes--
``(i) any memorandum of understanding
between or among a creditor, an institution of
higher education, an alumni association, or
foundation that directly or indirectly relates
to any aspect of any agreement referred to in
such subparagraph or controls or directs any
obligations or distribution of benefits between
or among any such entities;
``(ii) the amount of payments from the
creditor to the institution, organization, or
foundation during the period covered by the
report, and the precise terms of any agreement
under which such amounts are determined; and
``(iii) the number of credit card accounts
covered by any such agreement that were opened
during the period covered by the report and the
total number of credit card accounts covered by
the agreement that were outstanding at the end
of such period.
``(C) Aggregation by institution.--The information
reported under subparagraph (A) shall be aggregated
with respect to each institution of higher education or
alumni organization or foundation affiliated with or
related to such institution.
``(3) Reports by board.--The Board shall submit to the
Congress, and make available to the public, an annual report
that lists the information concerning credit card agreements
submitted to the Board under paragraph (2) by each institution
of higher education, alumni organization, or foundation.''.
(b) Study and Report by the Comptroller General.--
(1) Study.--The Comptroller General of the United States
shall from time to time review the reports submitted by
creditors and the marketing practices of creditors to determine
the impact that college affinity card agreements and college
student card agreements have on credit card debt.
(2) Report.--Upon completion of any study under paragraph
(1), the Comptroller General shall periodically submit a report
to the Congress on the findings and conclusions of the study,
together with such recommendations for administrative or
legislative action as the Comptroller General determines to be
appropriate.
(c) Effective Date for Initial Creditor Reports.--The initial
reports required under paragraph (2)(A) of the amendment made by
subsection (a) shall be submitted to the Board of Governors of the
Federal Reserve System before the end of the 90-day period beginning on
the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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