123 STAT. 1745 PUBLIC LAW 111–24—MAY 22, 2009
‘‘(ii) the items required to be included in the table
shall be listed in the order in which such items are set
forth in subparagraph (B).
‘‘(G) In prescribing the form of the table under subpara-
graph (D), the Board shall employ terminology which is dif-
ferent than the terminology which is employed in subparagraph
(B), if such terminology is more easily understood and conveys
substantially the same meaning.’’.
(b) C
IVIL
L
IABILITY
.—Section 130(a) of the Truth in Lending
Act (15 U.S.C. 1640(a)) is amended, in the undesignated paragraph
following paragraph (4), by striking the second sentence and
inserting the following: ‘‘In connection with the disclosures referred
to in subsections (a) and (b) of section 127, a creditor shall have
a liability determined under paragraph (2) only for failing to comply
with the requirements of section 125, 127(a), or any of paragraphs
(4) through (13) of section 127(b), or for failing to comply with
disclosure requirements under State law for any term or item
that the Board has determined to be substantially the same in
meaning under section 111(a)(2) as any of the terms or items
referred to in section 127(a), or any of paragraphs (4) through
(13) of section 127(b).’’.
(c) G
UIDELINES
R
EQUIRED
.—
(1) I
N 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 serv-
ices, as required under section 127(b)(11)(B)(iv) of the Truth
in Lending Act, as added by this section.
(2) A
PPROVED AGENCIES
.—Guidelines issued under this sub-
section 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 trustee pursuant to section 111(a) of title
11, United States Code.
SEC. 202. REQUIREMENTS RELATING TO LATE PAYMENT DEADLINES
AND PENALTIES.
Section 127(b)(12) of the Truth in Lending Act (15 U.S.C.
1637(b)(12)) is amended to read as follows:
‘‘(12) R
EQUIREMENTS RELATING TO LATE PAYMENT DEAD
-
LINES AND PENALTIES
.—
‘‘(A) L
ATE PAYMENT DEADLINE REQUIRED TO BE DIS
-
CLOSED
.—In the case of a credit card account under an
open end consumer credit plan under which a late fee
or charge may be imposed due to the failure of the obligor
to make payment on or before the due date for such pay-
ment, the periodic statement required under subsection
(b) with respect to the account shall include, in a con-
spicuous location on the billing statement, the date on
which the payment is due or, if different, the date on
which a late payment fee will be charged, together with
the amount of the fee or charge to be imposed if payment
is made after that date.
‘‘(B) D
ISCLOSURE OF INCREASE IN INTEREST RATES FOR
LATE PAYMENTS
.—If 1 or more late payments under an
Notice.
Deadline.
Communications
and tele-
communications.
15 USC 1637
note.
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