To amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
United States115th CongressHR-3760House of Representatives
Updated: Sep 13, 2017
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2017 This bill amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%. The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill. Credit card billing statements must include the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).
Bill texts
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Timeline
Latest companion bill action
S-1659: A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.Introduced in Senate
Referred to the House Committee on Financial Services.
House of Representatives
Introduced in House
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