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Full Text of this Amendment

SA 1091. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; which was ordered to lie on the table; as follows:

At the end, add the following:
SEC. __X. BOARD REVIEW OF SMALL BUSINESS CREDIT PLANS AND REGULATIONS.
(a) Required Review.--Not later than 6 months after the effective date of this Act, the Board shall to conduct a review of the use of credit cards by businesses with not more than 500 employees (in this section referred to as ``small businesses'') and the credit card market for small businesses, including--
(1) the terms of credit card agreements for small businesses and the practices of credit card issuers relating to small businesses;
(2) the adequacy of disclosures of terms, fees, and other expenses of credit card plans for small businesses;
(3) the adequacy of protections against unfair or deceptive acts or practices relating to credit card plans for small businesses;
(4) the cost and availability of credit for small businesses, particularly with respect to non-prime borrowers;
(5) the use of risk-based pricing for small businesses; and
(6) credit card product innovation relating to small businesses.
(b) Solicitation of Public Comment.--In conducting the review required by subsection (a), the Board shall solicit comment from owners of small businesses, credit card issuers, and other interested parties, such as through hearings or written comments.
(c) Regulations.--Following the review required by subsection (a), the Board shall publish notice in the Federal Register--
(1) that summarizes the review, the comments received from the public solicitation, and other evidence gathered by the Board, such as through consumer testing or other research; and
(2) that--
(A) proposes new or revised regulations or interpretations to update or revise disclosures and protections for credit cards for small businesses, as appropriate; or
(B) states the reasons for any determination of the Board that new or revised regulations are not proposed under subparagraph (A).
(As printed in the Congressional Record for the Senate on May 12, 2009.)