S 3287
110th Congress
Senate
Finance and Financial Sector
Commerce
Consumer credit
Crime and Law Enforcement
Fines (Penalties)
Injunctions
Interest rates
Law
Protecting Consumers from Unreasonable Credit Rates Act of 2008
Introduced: July 17, 2008
Introduced by:
Durbin, Richard J.
Democratic
· Illinois
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6941-6942)
Jul 17, 2008
Sponsor introductory remarks on measure. (CR S6941)
Jul 17, 2008
Introduced in Senate
Plain-English summary
Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%.
Includes within such APR all charges payable directly or indirectly incident to, ancillary to, or as a condition of the extension of credit.
States that any payment in violation of this Act is null, void, and unenforceable.
Prescribes civil and criminal penalties for violations of this Act. Empowers states' Attorneys General to enforce it.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6941-6942)
Committees of jurisdiction
1
Cosponsors
1