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Full Text of this Amendment
At the end of title III, add the following:
SEC. 304. COLLEGE CREDIT CARD AGREEMENTS.
(a) In General.--Section 127 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:
``(q) 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 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 before the end of the 90-day period beginning on the date of enactment of this Act.
(As printed in the Congressional Record for the Senate on May 12, 2009.)