Amendment provides that any card issuer that imposes a moratorium on increases in rates, fees and terms and conditions of a contract would be exempt from the accelerated date for the provision requiring an issuer to apply a customer's payment in excess of the minimum amount due, to the highest rate balance.

Purpose:

An amendment numbered 2 printed in Part B of House Report 111-326 to provide that any card issuer that imposes a moratorium on increases in rates, fees and terms and conditions of a contract would be exempt from the accelerated date for the provision requiring an issuer to apply a customer's payment in excess of the minimum amount due, to the highest rate balance.

House Amendment Code:

(A002)

House Tally Clerks use this code to manage amendment information.