3.0.0 1640 2019-11-15T20:54:25Z 2019-11-15T20:54:25Z House H HR 2009-03-19 111 hsba00 Financial Services Committee House Standing Referred to 2009-03-19T14:01:44Z Interest Rate Reduction Act 111 582 S 2009-03-12 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2009-03-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-03-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-03-19 Introduced in House IntroReferral 1000 9 Library of Congress H000627 Rep. Hinchey, Maurice D. [D-NY-22] MAURICE HINCHEY D NY D. 22 N C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2009-03-19 True E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2009-03-19 True L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2009-03-19 True M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2009-03-19 True M000725 Rep. Miller, George [D-CA-7] GEORGE MILLER D CA 7 2009-03-19 True W000738 Rep. Woolsey, Lynn C. [D-CA-6] LYNN WOOLSEY D CA 6 2009-03-19 True T000266 Rep. Tierney, John F. [D-MA-6] JOHN TIERNEY D MA F. 6 2009-03-23 False M001173 Rep. Massa, Eric J. J. [D-NY-29] Eric Massa D NY J. J. 29 2009-03-23 False S000810 Rep. Stark, Fortney Pete [D-CA-13] PETE STARK D CA 13 2009-03-31 False P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2009-03-31 False H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2009-03-31 False F000116 Rep. Filner, Bob [D-CA-51] BOB FILNER D CA 51 2009-04-22 False K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2009-05-06 False J000283 Rep. Jackson, Jesse L., Jr. [D-IL-2] JESSE JACKSON D IL L. 2 2009-05-06 False A000014 Rep. Abercrombie, Neil [D-HI-1] NEIL ABERCROMBIE D HI 1 2009-06-04 False C000984 Rep. Cummings, Elijah E. [D-MD-7] ELIJAH CUMMINGS D MD E. 7 2010-01-27 False P000600 Rep. Perriello, Thomas S.P. [D-VA-5] Thomas Perriello D VA S.P. 5 2010-01-27 False K000365 Rep. Kagen, Steve [D-WI-8] Steve Kagen D WI 8 2010-03-09 False Finance and Financial Sector Civil actions and liability Consumer credit Interest, dividends, interest rates Finance and Financial Sector 00 2009-03-19 Introduced in House 2009-04-23T21:10:17Z Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges.

Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth.

Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union.

Subjects a creditor who violates this Act to a civil penalty.

]]> Interest Rate Reduction Act Short Titles as Introduced Interest Rate Reduction Act Display Title Interest Rate Reduction Act Official Title as Introduced To amend the Truth in Lending Act to protect consumers from usury, and for other purposes. Introduced in House 2009-03-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr1640ih/xml/BILLS-111hr1640ih.xml 2009-03-19 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.