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Full Text of this Amendment
At the end of title I, add the following:
SEC. 109. LIMIT ON PENALTY INTEREST RATE.
Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
``(p) Limit on Penalty Increases.--A creditor may not apply, as a penalty with respect to a credit card account under an open end consumer credit plan, an increase in the annual percentage rate in excess of 7 percentage points above the interest rate that was in effect with respect to the credit card account of the consumer on the date immediately preceding the first such penalty increase for such account.''.
On page 36, line 21, strike ``(p)'' and insert ``(q)''.
(As printed in the Congressional Record for the Senate on May 12, 2009.)