February 9, 2001

Mr. President:

Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 2, between lines 3 and 4, add the following:

Section 2. A new section of the Credit Card Act is enacted to read:

"[NEW MATERIAL] DISCLOSURE REQUIREMENT.--A card issuer shall provide a truth in lending statement to the cardholder at the time the credit card is issued.

Section 3. A new section of the Credit Card Act is enacted to read:

"[NEW MATERIAL] EFFECTIVE DATE.--The effective date of the provisions of this act is January 1, 2002.",

and thence referred to the JUDICIARY COMMITTEE.

Respectfully submitted,

__________________________________

Roman M. Maes, III, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 5 For 1 Against

Yes: 5

No: Snyder

Excused: Hurt, Robinson, Sanchez, B.

Absent: None

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