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Full Text of this Amendment

SA 1081. Mr. KOHL 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. FINANCIAL EDUCATION COURSES AT COLLEGES AND UNIVERSITIES.
Section 140 of the Truth in Lending Act is amended by adding at the end the following:
``(f) Financial Education Courses at Covered Educational Institutions.--
``(1) COURSES REQUIRED.--Any financial institution that markets a credit card on the campus of a covered educational institution, or at an event sponsored by a covered educational institution, shall provide not fewer than 2 financial education courses each academic year that are open to any student of such institution.
``(2) GUIDELINES FOR COURSES.--The Deputy Assistant Secretary for Financial Education shall issue guidelines for financial institutions regarding the content of the financial education courses required under paragraph (1).
``(3) AGREEMENTS TO PROVIDE COURSES.--The Deputy Assistant Secretary for Financial Education may approve any agreement between a financial institution and a nonprofit organization for the purpose of providing the financial education courses required under paragraph (1), as the Deputy Assistant Secretary determines appropriate.
``(4) REPORT REQUIRED.--Each financial institution required to provide financial education courses under paragraph (1) shall submit an annual report to the Deputy Assistant Secretary for Financial Education that contains the date, location, and time at which each such course was provided.''.


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