[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3125 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3125

 To amend the Truth in Lending Act to impose a temporary cap on credit 
              card interest rates, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2001

 Mr. Sandlin introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Truth in Lending Act to impose a temporary cap on credit 
              card interest rates, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Card Fairness Act''.

SEC. 2. TEMPORARY RATE CAP ON CREDIT CARD INTEREST RATES.

    Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended 
by adding at the end the following new subsection:
    ``(f) Temporary Credit Card Interest Rate Cap.--
            ``(1) In general.--The annual percentage rate applicable to 
        an extension of credit outstanding on a credit card account 
        under an open end credit plan may not exceed 12 percent.
            ``(2) Effective period.--Subsection (f) shall take effect 
        60 days after the date of the enactment of the Credit Card 
        Fairness Act and shall cease to apply at the end of the 2-year 
        period beginning on such effective date.''.
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