S. 2349 · 117th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsor3 cosponsors · 3 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protecting Consumers from Unreasonable Credit Rates Act of 2021
What it does: CRS summary · Introduced in Senate · Jul 14, 2021
Protecting Consumers from Unreasonable Credit Rates Act of 2021
This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., 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 2021
Latest action (Jul 14, 2021): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jul 14, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.