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Full Text of this Amendment
On page 19, line 10, strike ``Section 127'' and insert the following:
``(a) Report on Impact; Effective Date.--
``(1) REPORT BY THE BOARD.--Not later than December 1, 2009, the Board shall provide an economic report to Congress detailing the impact of section 127(n) of the Truth in Lending Act, as added by this section, on consumer access to credit.
``(2) EFFECTIVE DATE.--Notwithstanding section 3 or any other provision of this Act, unless the Board certifies in writing to Congress that the economic report required by this subsection shows no potential for a material reduction in consumer access to credit, or if the Board fails to timely issue the economic report required by this subsection, section 127(n) of the Truth in Lending Act, as added by this section, shall become effective 2 years after the date of enactment of this Act.
The effective date provided in section 3 shall apply to such section 127(n) if the Board certifies that the report shows no potential reduction in consumer access to credit.
``(b) Amendment to TILA.--Section 127''.
(As printed in the Congressional Record for the Senate on May 14, 2009.)