A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
USA115th CongressS-1659| Senate
| Updated: 7/27/2017
Richard J. Durbin
Democratic Senator
Illinois
Cosponsors (6)
Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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).
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Finance and Financial Sector
Administrative law and regulatory proceduresCivil actions and liabilityConsumer creditConsumer Financial Protection BureauFraud offenses and financial crimesInterest, dividends, interest rates
A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
USA115th CongressS-1659| Senate
| Updated: 7/27/2017
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).
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Richard J. Durbin
Democratic Senator
Illinois
Cosponsors (6)
Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresCivil actions and liabilityConsumer creditConsumer Financial Protection BureauFraud offenses and financial crimesInterest, dividends, interest rates