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S. 1659 115th Congress Senate

Protecting Consumers from Unreasonable Credit Rates Act of 2017

Official title: A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.

Introduced: July 27, 2017 Introduced by: Richard J. Durbin Democratic · Illinois See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresCivil actions and liabilityConsumer Financial Protection BureauConsumer credit
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Fraud offenses and financial crimesInterest, dividends, interest rates
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Jul 27, 2017
Introduced in Senate
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 Latest action July 27, 2017

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)

 Plain-English summary Congressional Research Service

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).

 Related & companion bills 1
  • HR 3760 Protecting Consumers from Unreasonable Credit Rates Act of 2017
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4
D
Blumenthal, Richard
Connecticut · Jul 27, 2017
 D
Gillibrand, Kirsten E.
New York · Jul 27, 2017
 D
Merkley, Jeff
Oregon · Jul 27, 2017
 D
Whitehouse, Sheldon
Rhode Island · Jul 27, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1659: Protecting Consumers from Unreasonable Credit Rates Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-S-1659/
MLA
"S. 1659: Protecting Consumers from Unreasonable Credit Rates Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-S-1659/.
Bluebook (legal)
S. 1659, 115th Cong. (2026), https://openamerica.io/bill/115-S-1659/.
Markdown link
[S. 1659: Protecting Consumers from Unreasonable Credit Rates Act of 2017](https://openamerica.io/bill/115-S-1659/)
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