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To amend the Truth in Lending Act to limit unauthorized use of credit cards by discouraging theft of credit cards that are mailed.

March 16, 1994

Mr. ACKERMAN introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs

To amend the Truth in Lending Act to limit unauthorized use of credit cards by discouraging theft of credit cards that are mailed.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. REGULATIONS DISCOURAGING THEFT AND UNAUTHORIZED USE OF CREDIT CARDS.

(a) ISSUANCE OF REGULATIONS- Section 134 of the Truth in Lending Act (15 U.S.C. 1634) is amended--

(1) by redesignating paragraphs (a), (b), (c), (d), (e), and (f) in order as paragraphs (1), (2), (3), (4), (5), and (6);

(2) by inserting before and above paragraph (1) the following:

`(a) PROHIBITIONS AND PENALTIES- '; and

(3) by adding at the end the following:

`(b) DISCOURAGING THEFT OF CREDIT CARDS THAT ARE MAILED-

`(1) REGULATIONS BY BOARD- The Board, in consultation with the Federal Deposit Insurance Corporation and the Federal Trade Commission, shall issue regulations covering the matters described in paragraph (2) to discourage theft of credit cards that are mailed.

`(2) CONTENTS- Regulations under this subsection shall--

`(A) require that a credit card issuer, before mailing any credit card, shall notify the person to whom the card is mailed that the card is being mailed;

`(B) prohibit a credit card issuer from mailing a credit card other than in an inactive status;

`(C) prohibit a credit card issuer that mails a credit card from activating the credit card before the person to whom the card is issued notifies the credit card issuer that the card has been received; and

`(D) require a credit card issuer that mails a credit card to establish a toll-free telephone number by which a person may notify the credit card issuer pursuant to subparagraph (C).

`(3) OTHER REGULATIONS- Each of the agencies referred to in section 108(a) shall prescribe regulations that are substantially similar to regulations prescribed by the Board under paragraph (1) and that shall apply to the entities referred to in that subsection.'.

(b) DEADLINE FOR REGULATIONS- Regulations shall be issued in accordance with the amendment made by subsection (a)--

(1) by the Board of Governors of the Federal Reserve System, by not later than 1 year after date of enactment of this Act; and

(2) by each of the agencies referred to in section 108(a) of the Truth in Lending Act, by not later than 180 days after the date of the issuance of regulations pursuant to paragraph (1).

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