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Full Text of this Amendment

SA 1112. Mr. VITTER 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 47, strike lines 10 and 11 and insert the following:
``(6) the use of risk-based pricing;
``(7) credit card product innovation;
``(8) higher annual percentage rates of interest, on average, for users than the average of such rates of interest in effect before the effective date of this Act and the amendments made by this Act;
``(9) the imposition of annual fees or other fees--
``(A) that did not exist before such effective date;
``(B) at a higher average rate of applicability than existed before such effective date; or
``(C) with higher average costs to the consumer than were in effect before such effective date;
``(10) any increase in the rate of denial of--
``(A) new credit accounts for consumers; or
``(B) new extensions of credit or additional lines of credit for credit accounts established before such effective date; and
``(11) any other adverse or negative condition or effect on consumers.''.

(As printed in the Congressional Record for the Senate on May 14, 2009.)