Protecting Consumers from Unreasonable Credit Rates Act of 2014
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in house (Jul 17, 2014)
Protecting Consumers from Unreasonable Credit Rates Act of 2014 - 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 just happenedSep 18, 2014
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Who’s behind it
- Introduced in HouseJul 17, 2014
- Sep 18, 2014Committee
Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Jul 17, 2014IntroReferralH11100
Referred to the House Committee on Financial Services.
- Jul 17, 2014IntroReferralIntro-H
Introduced in House
- Jul 17, 2014IntroReferral1000
Introduced in House