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Full Text of this Amendment

SA 1075. Mr. MENENDEZ 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:
SEC. 304. COLLEGE CREDIT CARD AGREEMENTS.
(a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
``(q) College Affinity 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 card issuer under an open end consumer credit plan in conjunction with an agreement between the issuer and an institution of higher education, under which such cards are issued to college students who have an affinity with such institution, organization, or foundation and--
``(i) the creditor has agreed to donate a portion of the proceeds of the credit card (including a lump sum or 1-time payment of money for access) to the institution;
``(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 that are identified with such institution.
``(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'--
``(i) has the same meaning as in section 101 and 102 of the Higher Education Act of 1965 (20 U.S.C. 1001 and 1002); and
``(ii) includes an alumni organization or foundation affiliated with or related to such institution.
``(2) REPORTS BY CREDITORS.--
``(A) IN GENERAL.--Each creditor shall submit an annual report to the Board that contains--
``(i) the terms and conditions of any business, marketing, promotional, or college affinity card agreement with an institution of higher education, with respect to any college student credit card issued to a college student at such institution;
``(ii) any memorandum of understanding between a creditor and an institution of higher education that directly or indirectly relates to any aspect of an agreement described in clause (i) or controls or directs any obligations or distribution of benefits between such entities;
``(iii) the amount of any payments from the creditor to an institution of higher education during the period covered by the report, and the precise terms of any agreement under which such amounts are determined; and
``(iv) 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.
``(B) AGGREGATION BY INSTITUTION.--The information required to be reported under subparagraph (A) shall be aggregated with respect to each institution of higher education.
``(C) FIRST REPORT.--Each creditor shall make the first report required under this paragraph not later than 90 days after the date of enactment of the Credit CARD Act of 2009.
``(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 required to be submitted to the Board under paragraph (2) for each institution of higher education.''.
(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 under section 127(q) of the Truth in Lending Act (15 U.S.C. 1637), as added by this Act, and the marketing practices of creditors, to determine the impact that college affinity card agreements and college student card agreements (as those terms are defined in that section 127(q)) have on credit card debt.
(2) REPORT.--Upon completion of a study under paragraph (1), the Comptroller General shall 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 are appropriate.


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