Truth in Lending Clarification Act of 2009

Truth in Lending Clarification Act of 2009 - Amends the Truth in Lending Act concerning the mandatory 45-day advance notice of significant changes (including rate increases) under an open end consumer credit plan. Declares that such requirement does not prevent a creditor from putting into effect immediately any reduction in an annual percentage rate (APR), any decrease or elimination of any fee imposed upon a consumer, or any significant change in terms solely or primarily for the benefit of the consumer.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4002 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4002

To amend the Truth in Lending Act to clarify that any delay in changes 
           to terms applies only to increases, not decreases.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 3, 2009

Mr. Hensarling introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Truth in Lending Act to clarify that any delay in changes 
           to terms applies only to increases, not decreases.

    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 ``Truth in Lending Clarification Act 
of 2009''.

SEC. 2. CLARIFICATION THAT 45-DAY DELAY DOES NOT APPLY TO REDUCTIONS IN 
              INTEREST RATES AND FEES.

    Subsection (i) of section 127 of the Truth in Lending Act (15 
U.S.C. 1637) (as added by section 101(a)(1) of the Credit CARD Act of 
2009) is amended by adding at the end the following new paragraph:
            ``(5) Clarification.--No provision of this subsection shall 
        be construed as preventing any creditor from putting any 
        reduction in an annual percentage rate, any decrease or 
        elimination of any fee imposed on any consumer, or any 
        significant change in terms solely or primarily for the benefit 
        of the consumer into effect immediately.''.
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