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Full Text of this Amendment

SA 1116. 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:

At the end of title I, add the following:
SEC. 109. FIRM OFFER OF CREDIT.
Section 603(l) of the Fair Credit Reporting Act (15 U.S.C. 1681a(l)) is amended to read as follows:
``(l) Firm Offer of Credit.--
``(1) DEFINITION.--The term `firm offer of credit' means any offer of credit to a consumer that specifies all material terms, and will be honored if the consumer is determined to meet the specific criteria used to select the consumer for the offer, based on information in a consumer report on the consumer.
``(2) REQUIRED DISCLOSURES IN OFFERS OF CREDIT.--In the case of a firm offer of credit, the offer shall set forth the specific annual percentage rate, fees, and amount of credit or credit limit applicable to the offer.
``(3) ACCEPTABLE CONDITIONS.--A firm offer of credit to a consumer may be further conditioned on--
``(A) verification that the consumer continues to meet the specific criteria used to select the consumer for the offer, by using information in a consumer report on the consumer, information in the application of the consumer for the credit, or other information bearing on the credit worthiness of the consumer;
``(B) the consumer furnishing any collateral that is a requirement for the extension of the credit that was--
``(i) established before selection of the consumer for the offer of credit; and
``(ii) disclosed to the consumer in the offer of credit; or
``(C) any combination of the criteria in subparagraphs (A) and (B).''.


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