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Title V ~ Credit CARD Act of 2009
SEC. 504. PROCEDURE FOR TIMELY SETTLEMENT OF ESTATES OF DECEDENT OBLIGORS
(a)
In General- Chapter 2 of the Truth in Lending Act ( U.S.C. 1631 et
seq.) is amended by adding at the end the following new section:
-Sec. 140A Procedure for timely settlement of estates of decedent obligors
‘The
Board, in consultation with the Federal Trade Commission and each other
agency referred to in section 108(a), shall prescribe regulations to
require any creditor, with respect to any credit card account under an
open end consumer credit plan, to establish procedures to ensure that
any administrator of an estate of any deceased obligor with respect to
such account can resolve outstanding credit balances in a timely
manner.’
(b) Clerical Amendment- The table of sections for
chapter 2 of the Truth in Lending Act is amended by inserting after the
item relating to section 140 the following new item:
'140A. Procedure for timely settlement of estates of decedent obligors’.