H.AMDT.98 to H.R.627

Amendment sought to allow issuers to raise rates on existing balances if they provided consumers clear notification 90 days in advance, provided that the issuer had previously specified this ability to consumers in their contract and at least once every year thereafter.

H.AMDT.98(A009)
Amends: H.R.627
Sponsor: Rep Hensarling, Jeb [TX-5](offered 4/30/2009)

AMENDMENT DESCRIPTION:
Amendment sought to allow issuers to raise rates on existing balances if they provided consumers clear notification 90 days in advance, provided that the issuer had previously specified this ability to consumers in their contract and at least once every year thereafter.

AMENDMENT PURPOSE:
An amendment numbered 9 printed in House Report 111-92 to allow issuers to raise rates on existing balances if they provide consumers clear notification 90 days in advance, provided that the issuer has previously specified this ability to consumers in their contract and at least once every year thereafter.

STATUS:

    4/30/2009 12:52pm:
    Amendment (A009) offered by Mr. Hensarling. (consideration: CR H5026-5027; text: CR H5026)
    4/30/2009 1:03pm:
    On agreeing to the Hensarling amendment (A009) Failed by voice vote.

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