3.0.0 1659 2023-01-11T13:38:49Z 2023-01-11T13:38:49Z Senate S 2017-07-27 115 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-07-27T20:59:46Z Protecting Consumers from Unreasonable Credit Rates Act of 2017 115 3760 HR 2017-09-13 Referred to the House Committee on Financial Services. Related bill CRS 2017-07-27 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 S4429-4430) IntroReferral 2017-07-27 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2017-07-27 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-07-27 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2017-07-27 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-07-27 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-07-27 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2017-09-05 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 2017-07-27 Introduced in Senate 2017-10-18T20:48:29Z 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).

]]> Protecting Consumers from Unreasonable Credit Rates Act of 2017 Display Title Protecting Consumers from Unreasonable Credit Rates Act of 2017 Short Titles as Introduced Protecting Consumers from Unreasonable Credit Rates Act of 2017 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 2017-08-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1659is/xml/BILLS-115s1659is.xml 2017-07-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430) 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.