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S 2730 118th Congress Senate Finance and Financial Sector

Protecting Consumers from Unreasonable Credit Rates Act of 2023

Introduced: September 6, 2023 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Sep 6, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 6, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

Protecting Consumers from Unreasonable Credit Rates Act of 2023

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 September 6, 2023

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

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3
D
Blumenthal, Richard
Connecticut · Sep 6, 2023
 D
Merkley, Jeff
Oregon · Sep 6, 2023
 D
Whitehouse, Sheldon
Rhode Island · Sep 6, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2730: Protecting Consumers from Unreasonable Credit Rates Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-2730/
MLA
"S. 2730: Protecting Consumers from Unreasonable Credit Rates Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2730/.
Bluebook (legal)
S. 2730, 118th Cong. (2026), https://openamerica.io/bill/118-S-2730/.
Markdown link
[S. 2730: Protecting Consumers from Unreasonable Credit Rates Act of 2023](https://openamerica.io/bill/118-S-2730/)
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