3.0.0 582 2017-12-13T21:40:24Z 2017-12-13T21:40:24Z Senate S S 2009-03-12 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-03-12T17:27:53Z Interest Rate Reduction Act 111 1640 HR 2009-03-19 Referred to the House Committee on Financial Services. Related bill CRS 2009-03-12 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-03-12 Sponsor introductory remarks on measure. (CR S3076-3077) IntroReferral B00100 9 Library of Congress 2009-03-12 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2009-03-12 True L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2009-03-23 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2009-03-23 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2009-03-23 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2009-03-24 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2009-06-01 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2010-03-10 False Finance and Financial Sector Civil actions and liability Consumer credit Interest, dividends, interest rates Finance and Financial Sector 00 2009-03-12 Introduced in Senate 2009-04-23T21:11:58Z 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 A bill to amend the Truth in Lending Act to protect consumers from usury, and for other purposes. Introduced in Senate 2009-03-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s582is/xml/BILLS-111s582is.xml 2009-03-12 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.