110 HR 5988 IH: Fair and Justifiable Credit Card U.S. House of Representatives 2008-05-07 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.

I 110th CONGRESS 2d Session H. R. 5988 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.

1.

Short title

This Act may be cited as the Fair and Justifiable Credit Card Interest Rate Act of 2008.

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. .