Protecting Consumers from Unreasonable Credit Rates Act of 2017
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 27, 2017)
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).
What just happenedJul 27, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Who’s behind it
- Introduced in SenateAug 4, 2017
- Jul 27, 2017IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Banking, Housing, and Urban Affairs Committee - Jul 27, 2017IntroReferral10000
Introduced in Senate