S. 838 · 114th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsor6 cosponsors · 6 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protecting Consumers from Unreasonable Credit Rates Act of 2015
What it does: CRS summary · Introduced in Senate · Mar 23, 2015
Protecting Consumers from Unreasonable Credit Rates Act of 2015
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%.
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 2015
Latest action (Mar 23, 2015): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 23, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.