AMENDMENTS PROPOSED BY THE SENATE COMMITTEE ON COMMERCE AND LABOR

1. Page 1, introduced, line 30, after 3.

strike

all of lines 30 through 35

insert

In the event of the extension of credit by a bank or savings institution hereunder to be effected by the use of a credit card for the purchase of merchandise or services, no finance charge shall be imposed upon the cardholder or borrower on such extension of credit if payment in full of the unpaid balance owing for all extensions of credit under the revolving credit contract or plan is received at the place designated by the creditor prior to the next billing date (which shall be at least twenty-five days later than the prior billing date).

2. Page 2, introduced, line 38, after or similar plan

strike

remainder of line 38, all of lines 39, 40, and 41

through date),

insert

under which a finance charge is imposed upon the cardholder or consumer obligor, if payment in full of the unpaid balance is not received at the place designated by the creditor prior to the next billing date (which shall be at least twenty-five days later than the prior billing date),