US Congress House Bill 4300 (Prior Session Legislation)

---

December 11 2009 - Referred to House Rules
Pending: House Rules Committee
Text: Latest bill text (Introduced) [PDF]

Restoring America's Commitment to Consumers Act of 2009 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%. Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit. Authorizes the Board of Governors of the Federal Reserve System to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase. Prohibits construction of this Act as an endorsement by Congress of a 16% APR. Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers. Treats as an unfair or deceptive act or practice a credit card account which, as of December 11, 2009, bears an APR that is less than 16%, and subsequently increases it between December 11, 2009, and 60 days after enactment of this Act. Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

Restoring America's Commitment to Consumers Act of 2009

Rep Delahunt, Bill	Rep Nadler, Jerrold	Rep Murtha, John P.	Rep Moran, James P.
Rep McDermott, Jim	Rep McCollum, Betty	Rep Lynch, Stephen F.	Rep Lowey, Nita M.
Rep Langevin, James R.	Rep Kucinich, Dennis J.	Rep Kennedy, Patrick J.	Rep Kaptur, Marcy
Rep Johnson, Eddie Bernice	Rep Jackson-Lee, Sheila	Rep Jackson, Jesse L., Jr.	Rep Israel, Steve
Rep Honda, Michael M.	Rep Olver, John W.	Rep Perriello, Thomas S.P.	Rep Rodriguez, Ciro D.
Rep Garamendi, John	Rep Mollohan, Alan B.	Rep Kratovil, Frank, Jr.	Rep Jones, Walter B., Jr.
Rep Tonko, Paul D.	Rep Tonko, Paul D.	Rep Platts, Todd Russell	Rep McGovern, James P.
Rep Woolsey, Lynn C.	Rep Watson, Diane E.	Rep Visclosky, Peter J.	Rep Tierney, John F.
Rep Thompson, Bennie G.	Rep Slaughter, Louise McIntosh	Rep Shea-Porter, Carol	Rep Serrano, Jose E.
Rep Hirono, Mazie K.	Rep Hinchey, Maurice D.	Rep Capuano, Michael E.	Rep Bishop, Timothy H.
Rep Arcuri, Michael A.	Rep Andrews, Robert E.	Rep Welch, Peter	Rep Tsongas, Niki
Rep Sutton, Betty	Rep Stark, Fortney Pete	Rep Schakowsky, Janice D.	Rep Matsui, Doris O.
Rep Massa, Eric J. J.	Rep Kagen, Steve	Rep Eshoo, Anna G.	Rep Dahlkemper, Kathleen A.
Rep Waxman, Henry A.	Rep Towns, Edolphus	Rep Carnahan, Russ	Rep Clyburn, James E.
Rep Cohen, Steve	Rep Hastings, Alcee L.	Rep Hare, Phil	Rep Grijalva, Raul M.
Rep Fudge, Marcia L.	Rep Filner, Bob	Rep Farr, Sam	Rep Ellison, Keith
Rep Edwards, Donna F.	Rep Doyle, Michael F.	Rep Doggett, Lloyd	Rep DeLauro, Rosa L.
Rep DeFazio, Peter A.	Rep Cummings, Elijah E.	Rep Courtney, Joe	Rep Costello, Jerry F.
Rep Conyers, John, Jr.	Rep Miller, George

Date	Chamber	Action
2009-12-11		Referred to House Rules
2009-12-11		Referred to House Financial Services
2009-12-11		Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HN04300:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-111hr4300ih/pdf/BILLS-111hr4300ih.pdf