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H.R. 6531 - Online Credit Card Disclosure Act of 2018

Introduced: 2018-07-25
Bill Status: Referred to the House Committee on Financial Services.
 
Summary Not Available

Full Text


115th CONGRESS
2d Session
H. R. 6531


    To strengthen the disclosure requirements for creditors under the Truth in Lending Act.


IN THE HOUSE OF REPRESENTATIVES

July 25, 2018

    Mr. Price of North Carolina introduced the following bill; which was referred to the Committee on Financial Services


A BILL

    To strengthen the disclosure requirements for creditors under the Truth in Lending Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Online Credit Card Disclosure Act of 2018”.

SEC. 2. Online payment timing disclosures.

Section 127(b)(11) of the Truth in Lending Act (15 U.S.C. 1637(b)(11)) is amended—

(1) in subparagraph (D)—

(A) in clause (i), by striking “; and” and inserting a semicolon;

(B) in clause (ii), by striking the period and inserting “; and”; and

(C) by inserting at the end the following new clause:

“(iii) if the consumer has an online account with the creditor under the consumer credit plan, be disclosed in a conspicuous and prominent location on an online interface of such creditor on which the consumer selects the amount the consumer will pay, including a webpage or mobile application.”; and

(2) by adding at the end the following:

“(H) For purposes of subparagraph (D)(iii), the Bureau shall prescribe regulations defining ‘conspicuous and prominent location’, which shall be based on consumer testing.”.


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