US SB838 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 7-0)
Status: Introduced on March 23 2015 - 25% progression, died in committee
Action: 2015-03-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 23 2015 - 25% progression, died in committee
Action: 2015-03-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2015 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).
Title
Protecting Consumers from Unreasonable Credit Rates Act of 2015
Sponsors
Sen. Richard Durbin [D-IL] | Sen. Barbara Boxer [D-CA] | Sen. Jeff Merkley [D-OR] | Sen. Richard Blumenthal [D-CT] |
Sen. Sheldon Whitehouse [D-RI] | Sen. Al Franken [D-MN] | Sen. Dianne Feinstein [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2015-03-23 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711) |
Same As/Similar To
HB1565 (Related) 2015-03-24 - Referred to the House Committee on Financial Services.
Subjects
Administrative law and regulatory procedures
Civil actions and liability
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Fraud offenses and financial crimes
Interest, dividends, interest rates
Civil actions and liability
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Fraud offenses and financial crimes
Interest, dividends, interest rates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/838/all-info |
Text | https://www.congress.gov/114/bills/s838/BILLS-114s838is.pdf |