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Full Text of this Amendment

SA 1087. 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:

On page 14, strike lines 13 through 21 and insert the following:
``(l) Limit on Fees Related to Method of Payment.--
``(1) IN GENERAL.--With respect to a credit card account under an open end consumer credit plan, the creditor may not impose a separate fee to allow the obligor to repay an extension of credit or finance charge if such repayment is made by mail, electronic transfer, or other means, unless such payment involves an expedited service by a service representative of the creditor.
``(2) SPECIAL RULE FOR TELEPHONE SERVICE.--
``(A) IN GENERAL.--With respect to a credit card account under an open end consumer credit plan, the creditor may not impose a separate fee to allow the obligor to repay an extension of credit or finance charge if such repayment is made by telephone authorization, unless such payment involves an expedited service by a service representative of the creditor.
``(B) ALTERNATIVE TO EXPEDITED SERVICE.--Any creditor that imposes a fee for repayment of an extension of credit by telephone authorization involving expedited service by a service representative of the creditor shall provide an alternative method that allows repayment by telephone authorization by the obligor without a separate fee.''.


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