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Full Text of this Amendment

SA 1117. Mr. LEVIN (for himself and Mrs. McCaskill) 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 15, strike lines 5 through 12, and insert the following:

``(a) In General.--

``(1) The amount of any penalty fee or charge that a card issuer may impose with respect to a credit card account under an open end consumer credit plan in connection with any omission with respect to, or violation of, the cardholder agreement, including any late payment fee, over the limit fee, or any other penalty fee or charge, shall be reasonable and proportional to such omission or violation.

``(2) A fee amount shall not be treated as reasonable and proportional under paragraph (1) if such card issuer increases such fee amount by charging interest with respect to such fee amount.''.

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