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Credit CARD Act of 2009
Title I ~ SEC. 109. CONSIDERATION OF ABILITY TO REPAY
(a)
In General- Chapter 3 of the Truth in Lending Act (15 U.S.C. 1666 et
seq.), as amended by this title, is amended by adding at the end the
following:
SEC. 150. CONSIDERATION OF ABILITY TO REPAY
A
card issuer may not open any credit card account for any consumer under
an open end consumer credit plan, or increase any credit limit
applicable to such account, unless the card issuer considers the
ability of the consumer to make the required payments under the terms
of such account.
(b) Clerical Amendment- Chapter 3 of the Truth
in Lending Act (15 U.S.C. 1661 et seq.) is amended in the table of
sections for the chapter, by adding at the end the following:
150. Consideration of ability to repay