Fair Credit Card Interest Rate Act

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D BellSponsor

No cosponsors.

What it does: CRS summary · Introduced in House · Sep 23, 2004

Fair Credit Card Interest Rate Act - Amends the Truth in Lending Act to prohibit a creditor during any calendar quarter from imposing a finance charge under an open end consumer credit plan involving a credit card which results in an annual percentage rate greater than ten percentage points over the most recent composite prime rate published in the Wall Street Journal before the beginning of the ten-business-day period ending on the first day of such calendar quarter (thus setting a ceiling on credit card interest rates) .

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Fair Credit Card Interest Rate Act

Latest action (Oct 7, 2004): Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 23, 2004

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.