[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5988 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5988

   To amend the Truth in Lending Act to impose a cap on the rate of 
interest that may be charged on consumer credit card accounts, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 2008

  Mr. Hinchey (for himself, Mr. McDermott, Mr. Grijalva, Ms. Lee, Mr. 
  Kucinich, and Ms. Woolsey) 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 cap on the rate of 
interest that may be charged on consumer credit card accounts, 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 ``Fair and Justifiable Credit Card 
Interest Rate Act of 2008''.

SEC. 2. PROHIBITION ON UNFAIR AND USURIOUS CREDIT CARD INTEREST RATES.

    Section 107 of the Truth in Lending Act (U.S.C. 1606) is amended by 
adding at the end the following new subsection:
    ``(f) National Consumer Credit Card Interest Rate Cap.--The annual 
percentage rate applicable to any extension of credit on a credit card 
account under an open end consumer credit plan may not exceed 20 
percent.''.
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