123STA T . 1 748PUBLIC LA W 111 – 24 —M A Y 22 , 2 0 0 9‘ ‘ (8)AP P LICAT I ONSFR O MU N DE RA G E CONSUMERS .— ‘‘(A) P RO H I B ITION ON ISSUANCE.— Nocredit c a rd m a yb ei s s u ed to , oro p e n end consumer credit p l an establis h ed by or on behal f of, a consumer w ho has not attained the a g eof 21 , unless the consumer has submitted a written application to the card issuer that meets the re q uirements of subparagraph ( B ). ‘‘(B) APPLICATION RE Q UIREMENTS.—An application to open a credit card account by a consumer who has not attained the age of 21 as of the date of submission of the application shall require— ‘‘(i) the signature of a cosigner, including the parent, legal guardian, spouse, or any other indi v idual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating j oint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21
or ‘‘(ii) submission by the consumer of financial information, including through an application, indi - cating an independent means of repaying any obliga- tion arising from the proposed e x tension of credit in connection with the account. ‘‘( C ) S AFE HARBOR.— T he Board shall promulgate regu- lations providing standards that, if met, would satisfy the requirements of subparagraph (B)(ii). ’ ’. SEC.302 . PROT ECT I O N O FY O U N G CONSU M ERS FROM PRESCREENE D CREDIT OFFERS. Section 604 (c)(1)(B) of the F air Credit R eporting Act (1 5U .S.C. 1681b(c)(1)(B)) is amended— (1) in clause (ii), by stri k ing ‘‘and’’ at the end; and (2) in clause (iii), by striking the period at the end and inserting the following
‘‘; and ‘‘(iv) the consumer report does not contain a date of birth that shows that the consumer has not attained the age of 21, or, if the date of birth on the consumer report shows that the consumer has not attained the age of 21, such consumer consents to the consumer reporting agency to such furnishing.’’. SEC. 303. ISSU A NCE OF CREDIT CARDS TO CERTAIN CO L LEGE STU - DENTS. Section 12 7 of the Truth in L ending Act (15 U.S.C. 16 3 7) is amended by adding at the end the following new subsection: ‘‘(p) PARENTAL APPRO V AL REQUIRED TO I NCREASE CREDIT LINES FOR ACCOUNTS FOR W HICH PARENT IS J OINTL Y LIABLE.—No increase may be made in the amount of credit authori z ed to be extended under a credit card account for which a parent, legal guardian, or spouse of the consumer, or any other individual has assumed joint liability for debts incurred by the consumer in connection with the account before the consumer attains the age of 21, unless that parent, guardian, or spouse approves in writing, and assumes joint liability for, such increase.’’. Regulations.
