3.0.0 3452 2023-01-11T13:23:07Z 2023-01-11T13:23:07Z Senate S S 2012-07-26 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2012-07-26T21:52:09Z 2012-07-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5490-5491) IntroReferral 2012-07-26 Sponsor introductory remarks on measure. (CR S5489-5490) IntroReferral B00100 9 Library of Congress 2012-07-26 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2012-07-26 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2012-07-26 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2012-07-26 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2012-09-10 False Finance and Financial Sector Administrative law and regulatory procedures Civil actions and liability Consumer Financial Protection Bureau Consumer credit Fraud offenses and financial crimes Interest, dividends, interest rates Finance and Financial Sector 00 2012-07-26 Introduced in Senate 2012-09-19T21:54:50Z Protecting Consumers from Unreasonable Credit Rates Act of 2012 - 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%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

]]> Protecting Consumers from Unreasonable Credit Rates Act of 2012 Display Title Protecting Consumers from Unreasonable Credit Rates Act of 2012 Official Title as Introduced A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions. Introduced in Senate IS Short Titles as Introduced Protecting Consumers from Unreasonable Credit Rates Act of 2012 Introduced in Senate 2012-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s3452is/xml/BILLS-112s3452is.xml 2012-07-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S5490-5491) 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.