H.AMDT.93 to H.R.627

Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.

H.AMDT.93(A004)
Amends: H.R.627
Sponsor: Rep Gutierrez, Luis V. [IL-4](offered 4/30/2009)

AMENDMENT DESCRIPTION:
Amendment requires credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.

AMENDMENT PURPOSE:
An amendment numbered 4 printed in House Report 111-92 to require credit card issuers to allocate payments in excess of the minimum payment to the portion of the remaining balance with the highest outstanding APR first, and then to any remaining balances in descending order, eliminating the pro rata option.

STATUS:

    4/30/2009 12:14pm:
    Amendment (A004) offered by Mr. Gutierrez. (consideration: CR H5021-5022; text: CR H5021)
    4/30/2009 12:23pm:
    On agreeing to the Gutierrez amendment (A004) Agreed to by voice vote.

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