QUALIFIED EMPLOYER PLANS PROHIBITED FROM MAKING LOANS THROUGH CREDIT CARDS AND OTHER SIMILAR ARRANGEMENTS.

SEC. 108. QUALIFIED EMPLOYER PLANS PROHIBITED FROM MAKING LOANS THROUGH CREDIT CARDS AND OTHER SIMILAR ARRANGEMENTS. (a) In General.—Paragraph (2) of section 72(p) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (D) as subparagraph (E) and by inserting after subparagraph (C) the following new subparagraph: “(D) Prohibition of loans through credit cards and other similar arrangements.—Subparagraph (A) shall not apply to any loan which is made through the use of any credit card or any other similar arrangement.” . (b) [26 U.S.C. 72 note] Effective Date.—The amendments made by subsection (a) shall apply to loans made after the date of the enactment of this Act.