To amend the Truth in Lending Act to clarify that any delay in changes to terms applies only to increases, not decreases.
Truth in Lending Clarification Act of 2009 - Amends the Truth in Lending Act concerning the mandatory 45-day advance notice of significant changes (including rate increases) under an open end consumer credit plan. Declares that such requirement does not prevent a creditor from putting into effect immediately any reduction in an annual percentage rate (APR), any decrease or elimination of any fee imposed upon a consumer, or any significant change in terms solely or primarily for the benefit of the consumer.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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