HR 1608 111th Congress House Finance and Financial Sector Civil actions and liability Consumer credit Fraud offenses and financial crimes Interest, dividends, interest rates

Protecting Consumers from Unreasonable Credit Rates Act of 2009

Introduced: March 19, 2009 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 19, 2009

Referred to the House Committee on Financial Services.

Mar 19, 2009

Introduced in House

Plain-English summary Congressional Research Service

Protecting Consumers from Unreasonable Credit Rates Act of 2009 - 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 violation 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).

What's happening now March 19, 2009

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1