Protecting Consumers from Unreasonable Credit Rates Act of 2017
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 13, 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 happenedSep 13, 2017
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseSep 13, 2017
- Sep 13, 2017IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Sep 13, 2017IntroReferralIntro-H
Introduced in House
- Sep 13, 2017IntroReferral1000
Introduced in House