To amend the Truth in Lending Act to prohibit extensions of credit under any open end consumer credit plan the proceeds of which the creditor knows or has reason to believe are being used or will be used by the consumer to make any form of wager or bet, to play any game of chance, or use any gambling device, and for other purposes.
Gambling Credit Reform Act - Amends the Truth in Lending Act to prohibit any creditor from extending any credit to any consumer under any open end consumer credit plan if the creditor knows or has reason to believe that the proceeds of such extension of credit are being used or will be used by the consumer to make any form of wager or bet, to play any game of chance, to use any gambling device, or to otherwise participate in gambling at any gambling establishment.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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