Section 1 Short title
This Act may be cited as the “Online Credit Card Disclosure Act of 2018”.
Online Credit Card Disclosure Act of 2018
A BILL
To strengthen the disclosure requirements for creditors under the Truth in Lending Act.
Sec. 2 Online payment timing disclosures
Section 127(b)(11) of the Truth in Lending Act (15 U.S.C. 1637(b)(11)) is amended—
in subparagraph (D)—
in clause (i), by striking “; and” and inserting a semicolon;
in clause (ii), by striking the period and inserting “; and”; and
by inserting at the end the following new clause:
“(iii) if the consumer has an online account with the creditor under the consumer credit plan, be disclosed in a conspicuous and prominent location on an online interface of such creditor on which the consumer selects the amount the consumer will pay, including a webpage or mobile application.”
by adding at the end the following:
“(H) For purposes of subparagraph (D)(iii), the Bureau shall prescribe regulations defining “conspicuous and prominent location”, which shall be based on consumer testing.”