text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Consumer Credit Act of 1999''.
  
  SEC. 2. ENHANCED DISCLOSURES UNDER AN OPEN END CONSUMER CREDIT PLAN.
  
      (a) Repayment Terms.--Section 127(b) of the Truth in Lending Act 
  (15 U.S.C. 1637(b)) is amended by adding at the end the following:
              ``(11)(A) Repayment information that would apply to the 
          outstanding balance of the consumer under the credit plan, 
          including--
                      ``(i) the required minimum monthly payment on that 
                  balance, represented as both a dollar figure and as a 
                  percentage of that balance;
                      ``(ii) the number of months (rounded to the nearest 
                  month) that it would take to pay the entire amount of 
                  that balance, if the consumer pays only the required 
                  minimum monthly payments and if no further advances are 
                  made;
                      ``(iii) the total cost to the consumer, including 
                  interest and principal payments, of paying that balance 
                  in full, if the consumer pays only the required minimum 
                  monthly payments and if no further advances are made; 
                  and
                      ``(iv) the monthly payment amount that would be 
                  required for the consumer to eliminate the outstanding 
                  balance in 36 months if no further advances are made.
              ``(B)(i) Subject to clause (ii), in making the disclosures 
          under subparagraph (A) the creditor shall apply the interest 
          rate in effect on the date on which the disclosure is made 
          until the date on which the balance would be paid in full.
              ``(ii) If the interest rate in effect on the date on which 
          the disclosure is made is a temporary rate that will change 
          under a contractual provision applying an index or formula for 
          subsequent interest rate adjustment, the creditor shall apply 
          the interest rate in effect on the date on which the disclosure 
          is made for as long as that interest rate will apply under that 
          contractual provision, and then apply an interest rate based on 
          the index or formula in effect on the applicable billing 
          date.''.
      (b) Publication of Model Forms.--Not later than 180 days after the 
  date of enactment of this Act, the Board of Governors of the Federal 
  Reserve System shall publish model disclosure forms in accordance with 
  section 105 of the Truth in Lending Act for the purpose of compliance 
  with section 127(b)(11) of the Truth in Lending Act, as added by this 
  section.
  
  SEC. 3. CREDIT CARD SECURITY INTERESTS UNDER AN OPEN END CONSUMER 
                CREDIT PLAN.
  
      (a) In General.--Section 127 of the Truth in Lending Act (15 U.S.C. 
  1637) is amended by adding at the end the following:
      ``(h) Security Interests Created Under an Open End Consumer Credit 
  Plan.--During the period of an open end consumer credit plan, if the 
  creditor of that plan obtains a security interest in personal property 
  purchased using that credit plan, the creditor shall provide to the 
  consumer, at the time of purchase, a written statement setting forth in 
  a clear, conspicuous, and easy to read format the following 
  information:
              ``(1) The property in which the creditor will receive a 
          security interest.
              ``(2) The nature of the security interest taken.
              ``(3) The method or methods of enforcement of that security 
          interest available to the creditor in the event of nonpayment 
          of the plan balance.
              ``(4) The method in which payments made on the credit plan 
          balance will be credited against the security interest taken on 
          the property.
              ``(5) The following statement: `This property is subject to 
          a security agreement. You must not dispose of the property 
          purchased in any way, including by gift, until the balance on 
  this account is fully paid.'''.
      (b) Publication of Model Forms.--Not later than 180 days after the 
  date of enactment of this Act, the Board of Governors of the Federal 
  Reserve System shall publish model disclosure forms in accordance with 
  section 105 of the Truth in Lending Act for the purpose of compliance 
  with section 127(h) of the Truth in Lending Act, as added by this 
  section.
  
  SEC. 4. STATISTICS TO BE REPORTED TO BOARD OF GOVERNORS OF FEDERAL 
                RESERVE SYSTEM AND TO CONGRESS.
  
      Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended 
  by adding at the end the following:
      ``(i) Reports to the Board and to Congress.--
              ``(1) Reports to the board.--Any creditor making advances 
          under an open end credit plan shall, using model forms 
          developed and published by the Board, annually submit to the 
          Board a report, which shall include--
                      ``(A) the total number of open end credit plan 
                  solicitations made to consumers;
                      ``(B) the total amount of credit (in dollars) 
                  offered to consumers;
                      ``(C) a statement of the average interest rates 
                  offered to all borrowers in each of the previous 2 
                  years;
                      ``(D) the total amount of credit granted and the 
                  average interest rate granted to persons under the age 
                  of 25; and
                      ``(E) the total amount of debt written off 
                  voluntarily and due to a bankruptcy discharge in each 
                  of the 2 years preceding the date on which the report 
                  is submitted.
              ``(2) Reports to congress.--The Board shall annually 
          compile the information collected under paragraph (1) and 
          submit to the Committees on the Judiciary of the House of 
          Representatives and the Senate, the Committee on Banking, 
          Housing, and Urban Affairs of the Senate, and the Committee on 
          Banking and Financial Services of the House of Representatives, 
          a report, which shall include--
                      ``(A) aggregate data described subparagraphs (A) 
                  through (E) of paragraph (1) for all creditors; and
                      ``(B) individual data described in paragraph (1)(A) 
                  for each of the top 50 creditors.''.
  
  SEC. 5. CIVIL LIABILITY.
  
      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), (b), 
  and (h) 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), paragraph (4), (5), (6), (7), (8), (9), (10), or 
  (11) of section 127(b), or section 127(h), 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), paragraph (4), (5), (6), (7), (8), (9), (10), or (11) of 
  section 127(b), or section 127(h).''.
  
  SEC. 6. TREATMENT UNDER BANKRUPTCY LAW.
  
      (a) Exceptions to Discharge.--Section 523(a) of title 11, United 
  States Code, is amended by adding at the end the following:
          ``The exception under subparagraphs (A) and (C) of paragraph 
          (2) shall not apply to any claim made by a creditor who has 
          failed to make the disclosures required under section 127(h) of 
          the Truth in Lending Act in connection with such claim, unless 
          a creditor required to make such disclosures files with the 
          court, within 90 days of the date of order for relief, a proof 
          of claim accompanied by a copy of such disclosures that is 
          signed and dated by the debtor.''.
      (b) Reaffirmation.--Section 524(c) of title 11, United States Code, 
  is amended--
              (1) in paragraph (5), by striking ``and'' at the end;
              (2) in paragraph (6), by striking the period at the end and 
          inserting ``; and''; and
              (3) by adding at the end the following:
              ``(7) in a case concerning a creditor obligated to make the 
          disclosures required under section 127(h) of the Truth in 
          Lending Act, the agreement contains a copy of such disclosures 
          that is signed and dated by the debtor.''.
target: Consumer Credit Act of 1999 - Amends the Truth in Lending Act to mandate that: (1) monthly billing statements for an open end consumer credit plan include specified repayment information, including the number of months it would take to pay the balance and the total cost if the consumer pays only the required minimum payment; (2) certain written disclosures be furnished to the consumer at the time of purchase if the creditor of an open end consumer credit plan obtains a security interest in personal property purchased under such plan; and (3) the Board of Governors of the Federal Reserve System (the Board) publish the pertinent model disclosure forms. 
  Requires: (1) creditors making advances under an open end credit plan to annually report certain loan data to the Board; and (2) the Board to compile such data and submit it to certain congressional committees annually. 
  Amends Federal bankruptcy law to permit the discharge in bankruptcy of an individual debt if the creditor has not made the requisite disclosures under this Act. 
  Sanctions the reaffirmation of a dischargeable debt if the reaffirmation agreement contains such disclosures.
feat_title: Consumer Credit Act of 1999