DISCLOSURES RELATED TO LATE PAYMENT DEADLINES AND PENALTIES.

SEC. 1305. DISCLOSURES RELATED TO LATE PAYMENT DEADLINES AND PENALTIES. (a) Disclosures Related to Late Payment Deadlines and Penalties.—Section 127(b) of the Truth in Lending Act (15 U.S.C. 1637(b)) is amended by adding at the end the following:“(12) If a late payment fee is to be imposed due to the failure of the obligor to make payment on or before a required payment due date, the following shall be stated clearly and conspicuously on the billing statement:“(A) The date on which that payment is due or, if different, the earliest date on which a late payment fee may be charged.“(B) The amount of the late payment fee to be imposed if payment is made after such date.”.(b) Regulatory Implementation.—(1) In general.—The Board shall promulgate regulations implementing the requirements of section 127(b)(12) of the Truth in Lending Act, as added by this section. (2) Effective date.—The amendment made by subsection (a) and 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.