BILL NUMBER: AB 1219	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 29, 2011

INTRODUCED BY   Assembly Member Perea

                        FEBRUARY 18, 2011

   An act to amend Section 1747.01 of the Civil Code, relating to
credit cards.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1219, as amended, Perea. Credit cards: federal conformance.
   Existing law declares the intent of the Legislature that specified
state laws regulating credit cards that are similar to the federal
Truth in Lending Act be interpreted to essentially conform to the
Truth in Lending Act and any rule, regulation, or interpretation
promulgated under that act by the Board of Governors of the Federal
Reserve System. Existing federal law creates the Bureau of Consumer
Financial Protection, which is charged with implementing and
enforcing federal consumer financial laws.
   This bill would  further declare the intent of the
Legislature   delete the reference to the intent of the
Legislature, described above, and instead provide  that
specified state law regulating credit cards  shall be interpreted
to conform with the Truth in Lending Act and any rule, regulation,
or interpretation promulgated under that act by the Board of
Governors of the Federal Reserve System. The bill would  also
 provide that these provisions shall  be interpreted  to
be  in conformance with any rule, regulation, or interpretation
of the Truth in Lending Act promulgated by the Bureau of Consumer
Financial Protection.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 1747.01 of the Civil Code is amended to read:
   1747.01.   It is the intent of the Legislature that the
  The  provisions of this title as to which there
are similar provisions in the federal Truth in Lending Act, as
amended (15 U.S.C. 1601, et seq.),  essentially conform, and
  shall  be interpreted by anyone construing
 the provisions of this title to so conform, to 
 them to conform with  the Truth in Lending Act and any
rule, regulation, or interpretation promulgated thereunder by the
Board of Governors of the Federal Reserve System, or any rule,
regulation, or interpretation of the act promulgated by the Bureau of
Consumer Financial Protection, and any interpretation issued by an
official or employee of the Federal Reserve System or the Bureau of
Consumer Financial Protection duly authorized to issue  such
  that  interpretation.