Page:United States Statutes at Large Volume 102 Part 3.djvu/1015

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-583—NOV. 3, 1988

102 STAT. 2967

section only to a cardholder who pays a fee described in section 127(c)(l)(A)(ii)(I) or section 127(c)(4)(A)(i) or who uses the credit card or charge card.". SEC. 4. COORDINATION WITH OTHER LAWS. Section 111 of the Truth in Lending Act (15 U.S.C. 1610) is amended— (1) in subsection (a)(1), by striking out "Chapters 1, 2, and 3" and inserting in lieu thereof "Except as provided in subsection (e), chapters 1, 2, and 3"; and (2) by adding at the end thereof the following new subsection:

State and local governments.

"(e) CERTAIN CREDIT AND CHARGE CARD APPLICATION AND SOLICITATION DISCLOSURE PROVISIONS.—The provisions of subsection (c) of

section 122 and subsections (c), (d), (e), and (f) of section 127 shall supersede any provision of the law of any State relating to the disclosure of information in any credit or charge card application or solicitation which is subject to the requirements of section 127(c) or any renewal notice which is subject to the requirements of section 127(d), except that any State may employ or establish State laws for the purpose of enforcing the requirements of such sections.". SEC. 5. REPORTING TO THE BOARD OF GOVERNORS. Section 136 of the Truth in Lending Act (15 U.S.C. 1646) is amended— (1) by redesignating subsection (b) as subsection (c); (2) by inserting after subsection (a) the following new subsection: "(b) CREDIT CARD PRICE AND AVAILABILITY INFORMATION.— "(1) COLLECTION REQUIRED.—The Board shall collect,

on a semiannual basis, credit card price and availability information, including the information required to be disclosed under section 127(c) of this chapter, from a broad sample of financial institutions which offer credit card services. "(2) SAMPLE REQUIREMENTS.—The broad sample of financial institutions required under paragraph (1) shall include— "(A) the 25 largest issuers of credit cards; and "(B) not less than 125 additional financial institutions selected by the Board in a manner that ensures— "(i) an equitable geographical distribution within the sample; and "(ii) the representation of a wide spectrum of institutions within the sample. "(3) REPORT OF INFORMATION FROM SAMPLE.—Each financial

institution in the broad sample established pursuant to paragraph (2) shall report the information to the Board in accordance with such regulations or orders as the Board may prescribe. "(4) PUBLIC AVAILABILITY OF COLLECTED INFORMATION, REPORT TO CONGRESS.—The Board shall— "(A) make the information collected pursuant to this subsection available to the public upon request; and "(B) report such information semiannually to Congress."; and (3) by striking out "subsection (a)" in subsection (c), as redesignated, and inserting in lieu thereof "subsections (a) and (b)".

Banks and banking.