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Full Text of this Amendment
At the end of title I, add the following:
SEC. 109. FIRM OFFER OF CREDIT OR INSURANCE.
Section 603(l) of the Fair Credit Reporting Act (15 U.S.C. 1681a(l)) is amended to read as follows:
``(l) Firm Offer of Credit or Insurance.--
``(1) DEFINITION.--The term `firm offer of credit or insurance' means any offer of credit or insurance to a consumer that specifies all material terms, and will be honored if the consumer is determined to meet the specific criteria used to select the consumer for the offer, based on information in a consumer report on the consumer.
``(2) REQUIRED DISCLOSURES IN OFFERS OF CREDIT.--In the case of a firm offer of credit, the offer shall set forth the specific annual percentage rate, fees, and amount of credit or credit limit applicable to the offer.
``(3) ACCEPTABLE CONDITIONS.--A firm offer of credit or insurance to a consumer may be further conditioned on--
``(A) verification that the consumer continues to meet the specific criteria used to select the consumer for the offer, by using information in a consumer report on the consumer, information in the application of the consumer for the credit or insurance, or other information bearing on the credit worthiness or insurability of the consumer;
``(B) the consumer furnishing any collateral that is a requirement for the extension of the credit or insurance that was--
``(i) established before selection of the consumer for the offer of credit or insurance; and
``(ii) disclosed to the consumer in the offer of credit or insurance; or
``(C) any combination of the criteria in subparagraphs (A) and (B).''.
(As printed in the Congressional Record for the Senate on May 12, 2009.)