Protecting Consumers from Unreasonable Credit Rates Act of 2019
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Apr 29, 2019)
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 just happenedApr 29, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateApr 29, 2019
- Apr 29, 2019IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - Apr 29, 2019IntroReferral10000
Introduced in Senate