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Full Text of this Amendment

SA 1110. Mr. AKAKA 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 27, strike line 3 and all that follows through page 30, line 12 and insert the following:
(c) Guidelines Required.--
(1) IN GENERAL.--Not later than 6 months after the date of enactment of this Act, the Board shall issue guidelines, by rule, in consultation with the Secretary of the Treasury, for the establishment and maintenance by creditors of a toll-free telephone number for purposes of providing information about accessing credit counseling and debt management services, as required under section 127(b)(11)(B)(iv) of the Truth in Lending Act, as added by this section.
(2) APPROVED AGENCIES.--Guidelines issued under this subsection shall ensure that referrals provided by the toll-free number referred to in paragraph (1) include only those nonprofit budget and credit counseling agencies approved by a United States bankruptcy trustees pursuant to section 111(a) of title 11, United States Code.
(As printed in the Congressional Record for the Senate on May 13, 2009.)