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Full Text of this Amendment

SA 1071. Mrs. FEINSTEIN (for herself and Mr. Corker) submitted an amendment intended to be proposed to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 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 of title III, add the following:
Section 140 of the Truth in Lending Act (15 U.S.C. 1650) is amended by adding at the end the following:
``(f) Credit Card Protections for College Students.--
``(1) DISCLOSURE REQUIRED.--A covered educational institution shall publicly disclose any contract or other agreement made with a card issuer or creditor for the purpose of marketing a credit card.
``(2) GIFTS PROHIBITED.--No card issuer or creditor may offer any gift or other item to a student of a covered educational institution to induce such student to apply for or participate in an open end credit plan offered by such card issuer or creditor.
``(3) SENSE OF THE CONGRESS.--It is the sense of the Congress that each covered educational institution should consider adopting the following policies relating to credit cards:
``(A) That any card issuer that markets a credit card on the campus of such institution notify the administration of such institution of the location at which such marketing will take place.
``(B) That the number of locations on the campus of such institution at which the marketing of credit cards takes place be limited.
``(C) That credit card and debt education and counseling sessions be offered as a regular part of any orientation program for new students of such institution.''.

(As printed in the Congressional Record for the Senate on May 12, 2009.)