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Credit CARD Act of 2009
Title I ~ SEC. 103. USE OF TERMS CLARIFIED
Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
(m)
Use of Term ‘Fixed Rate’- With respect to the terms of any credit card
account under an open end consumer credit plan, the term ‘fixed’, when
appearing in conjunction with a reference to the annual percentage rate
or interest rate applicable with respect to such account, may only be
used to refer to an annual percentage rate or interest rate that will
not change or vary for any reason over the period specified clearly and
conspicuously in the terms of the account.