Protecting Consumers from Unreasonable Credit Rates Act of 2014

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

Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.

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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D CartwrightSponsor

49 cosponsors · 49 D

17 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Protecting Consumers from Unreasonable Credit Rates Act of 2014 - 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%.

What it does: CRS summary · Introduced in House · Jul 17, 2014

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

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

About this bill and sources

Official title: Protecting Consumers from Unreasonable Credit Rates Act of 2014

Latest action (Sep 18, 2014): Committee on Banking, Housing, and Urban Affairs. Hearings held.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 17, 2014

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

No recorded floor vote found.