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S 3452 112th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Civil actions and liability Consumer Financial Protection Bureau Consumer credit Fraud offenses and financial crimes Interest, dividends, interest rates

Protecting Consumers from Unreasonable Credit Rates Act of 2012

Introduced: July 26, 2012 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 26, 2012
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5490-5491)
Jul 26, 2012
Sponsor introductory remarks on measure. (CR S5489-5490)
Jul 26, 2012
Introduced in Senate
 Plain-English summary Congressional Research Service

Protecting Consumers from Unreasonable Credit Rates Act of 2012 - 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).

What's happening now July 26, 2012

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5490-5491)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3