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S. 1230 116th Congress Senate

Protecting Consumers from Unreasonable Credit Rates Act of 2019

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

Introduced: April 29, 2019 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 116th Congress ended
It never became law before the 116th Congress (2019–2020) 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
Apr 29, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2019
Introduced in Senate
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 Latest action April 29, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

Protecting Consumers from Unreasonable Credit Rates Act of 2019

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).

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Blumenthal, Richard
Connecticut · Apr 29, 2019
 D
Merkley, Jeff
Oregon · Apr 29, 2019
 D
Whitehouse, Sheldon
Rhode Island · Apr 29, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1230: Protecting Consumers from Unreasonable Credit Rates Act of 2019. 116th Congress. Open America. https://openamerica.io/bill/116-S-1230/
MLA
"S. 1230: Protecting Consumers from Unreasonable Credit Rates Act of 2019." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-1230/.
Bluebook (legal)
S. 1230, 116th Cong. (2026), https://openamerica.io/bill/116-S-1230/.
Markdown link
[S. 1230: Protecting Consumers from Unreasonable Credit Rates Act of 2019](https://openamerica.io/bill/116-S-1230/)
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