S. 1659 · 115th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsor6 cosponsors · 6 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protecting Consumers from Unreasonable Credit Rates Act of 2017
What it does: CRS summary · Introduced in Senate · Jul 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).
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 2017
Latest action (Jul 27, 2017): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 27, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.