,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cffj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #ae1 #bjbf,mr4 
,fett]man 7= himself1 ,mr4 ,book]1 &    
,ms4 ,baldw97 introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to am5d ! ,tru? 9 
,l5d+ ,act to r$uce excessive cr$it c>d 
late fees1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,cr$it  
,c>d ,fairness ,act4  #b4 ,purpose      
,congress believes ! late fees rule ( ! 
,consum] ,f9ancial ,protection ,bureau  
"u "p #ajbf ( title #ab1 ,code ( ,f$]al 
,regulations 7commonly kn[n z           
,regulation ,z71 0 appropriately        
promulgat$ z an ext5sion ( ! ,bureau's  
au?ority1 9 exi/5ce at ! "t ! rule 0    
promulgat$1 & ?is ,act is int5d$ only to
 codify t appropriately promulgat$ rule 
& !reby limit late fees to an am\nt t is
 reasonable & proportional ) respect to 
! co/s ( cr$it c>d issu]s4  #c4         
,reasonable cr$it c>d late fees ,section

 #adi ( ! ,tru? 9 ,l5d+ ,act 7#ae       
,u4,s4,c4 #affe;d7 is am5d$-- 7#a7 9    
subsection 7c71 by /rik+ %all consid] & 
all t foll[s ?r\gh ! p]iod1 & ins]t+    
%all consid] ! co/ incurr$ by ! cr$itor 
f su* omission or violation42 &  7#b7 by
 add+ at ! end ! foll[+3  7f7 ,cap on   
cr$it c>d late fees  7#a7 ,def9itions ,9
 ?is subsection3 7,a7 ,l>ge cr$it c>d   
issu] ,! t]m l>ge cr$it c>d issu] means 
cr$it c>d issu] t _h #a1jjj1jjj or m op5
 acc\nts dur+ ! prec$+ cal5d> ye>4  7,b7
 ,op5 acc\nt ,! t]m op5 acc\nt has !    
mean+ giv5 t t]m 9 section              
#ajbf4eh7;b77#f7 ( title #ab1 ,code (   
,f$]al ,regulations1 z 9 effect on !    
date ( enactm5t ( ?is subsection 7or    
successor regulation t is consi/5t ) !  
purposes ( ! ,cr$it ,c>d ,fairness      
,act74  7#b7 ,fee limitation  7,a7 ,9   
g5]al ,subject to subp>agraph 7,b71 a   
fee impos$ by a l>ge cr$it c>d issu]    
associat$ ) a late paym5t on an acc\nt--
 7i7 may n exce$ #h2 &  7ii7 %all n be1 
9 ! det]m9ation ( ! ,bureau1 9 excess ( 

! total co/s describ$ 9 subclause 7,i71 
!reby contribut+ to pr(its ( ! cr$it c>d
 issu]4  7,b7 ,updates to cap ,! ,bureau
 may increase ! cap on late fees = all  
l>ge cr$it c>d issu]s "u subp>agraph    
7,a77i7 by a rate t is n m ?an ! *ange 9
 ! ,consum] ,price ,index = ,all ,urban 
,consum]s1 z publi%$ by ! ,bureau (     
,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor1
 = ! p]iod beg9n+ on ! date ( enactm5t (
 ?is ,act & end+ on ! date ( propos$    
implem5tation ( su* increase to ! cap4  
7#c7 ,v5ue = *all5ge ,any action br\ght 
to *all5ge any provision 9 ?is          
subsection1 or any decision ( ! ,bureau 
made pursuant to ?is subsection1 %all be
 fil$ 9 ! ,unit$ ,/ates ,di/rict ,c\rt =
 ! ,di/rict ( ,columbia4  7#d7 ,rulemak+
 ,! ,bureau %all promulgate any rules "u
 ?is subsection 9 accordance ) section  
#eec ( title #e1 ,unit$ ,/ates ,code1 & 
prior to ! notice & comm5t p]iod1 !     
,bureau %all publicly release ! rese>*  
us$ to in=m & develop ! propos$ rule4  4