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Full Text of this Amendment
At the end of title I, add the following:
SEC. 109. VERIFICATION OF ABILITY TO PAY.
Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
``(p) Verification of Ability to Pay.--
``(1) IN GENERAL.--A card issuer may not open any credit card account for any consumer under an open end consumer credit plan, or increase any credit limit applicable to such an account, unless the card issuer has determined, at the time at which the account is opened or the credit limit increased, as applicable, that the consumer will be able to make the scheduled payments under the terms of the transaction, based on a consideration of the current and expected income, current obligations,
and employment status of the consumer.
``(2) REGULATIONS.--The Board shall prescribe, by regulation, the appropriate formula for determining the ability of a consumer to pay, and the criteria to be considered in making any such determination, for purposes of this subsection.''.
On page 36, line 21, strike ``(p)'' and insert ``(q)''.
(As printed in the Congressional Record for the Senate on May 12, 2009.)