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Full Text of this Amendment

SA 1088. 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 21, line 15, strike ``unless a statement'' and all that follows through line 20 and insert ``unless--
``(1) a statement which includes the amount upon which the finance charge for the period is based was mailed or delivered to the consumer not later than 21 days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge; and
``(2) a payment by the obligor was not--
``(A) postmarked at least 3 business days before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge; or
``(B) made by means of an electronic fund transfer initiated on or before the date specified in the statement by which payment must be made in order to avoid imposition of that finance charge.''.


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