INTERNET-BASED CREDIT CARD SOLICITATIONS.

SEC. 1304. INTERNET-BASED CREDIT CARD SOLICITATIONS.(a) Internet-Based Solicitations.—Section 127(c) of the Truth in Lending Act (15 U.S.C. 1637(c)) is amended by adding at the end the following:“(7) Internet-based solicitations.—“(A) In general.—In any solicitation to open a credit card account for any person under an open end consumer credit plan using the Internet or other interactive computer service, the person making the solicitation shall clearly and conspicuously disclose—“(i) the information described in subparagraphs (A) and (B) of paragraph (1); and“(ii) the information described in paragraph (6).“(B) Form of disclosure.—The disclosures required by subparagraph (A) shall be—“(i) readily accessible to consumers in close proximity to the solicitation to open a credit card account; and“(ii) updated regularly to reflect the current policies, terms, and fee amounts applicable to the credit card account.“(C) Definitions.—For purposes of this paragraph—“(i) the term ‘Internet’ means the international computer network of both Federal and non-Federal interoperable packet switched data networks; and“(ii) the term ‘interactive computer service’ means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet and such systems operated or services offered by libraries or educational institutions.”.(b) Regulatory Implementation.—119 STAT. 212(1) In general.—The Board shall promulgate regulations implementing the requirements of section 127(c)(7) of the Truth in Lending Act, as added by this section.(2) Effective date.—The amendment made by subsection (a) and the regulations issued under paragraph (1) of this subsection shall not take effect until the later of—(A) 12 months after the date of enactment of this Act; or (B) 12 months after the date of publication of such final regulations by the Board.