S 1230
116th 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 2019
Introduced: April 29, 2019
Introduced by:
Durbin, Richard J.
Democratic
· Illinois
See on congress.gov
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
Plain-English summary
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).
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1