US Congress House Bill 1565 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 27-0)
Status: Introduced on March 24 2015 - 25% progression, died in committee
Action: 2015-03-24 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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).

Protecting Consumers from Unreasonable Credit Rates Act of 2015

Rep. Matthew Cartwright [D-PA]	Rep. G. Butterfield [D-NC]	Rep. Michael Capuano [D-MA]	Rep. Katherine Clark [D-MA]
Rep. Elijah Cummings [D-MD]	Rep. Donna Edwards [D-MD]	Rep. Luis Gutierrez [D-IL]	Rep. Henry Johnson [D-GA]
Rep. Marcy Kaptur [D-OH]	Rep. James Langevin [D-RI]	Rep. Michelle Lujan Grisham [D-NM]	Rep. Stephen Lynch [D-MA]
Rep. Chellie Pingree [D-ME]	Rep. John Yarmuth [D-KY]	Rep. Steve Cohen [D-TN]	Rep. Keith Ellison [D-MN]
Rep. Anna Eshoo [D-CA]	Rep. Michael Doyle [D-PA]	Rep. Chaka Fattah [D-PA]	Rep. Michael Honda [D-CA]
Sen. Peter Welch [D-VT]	Rep. Mark Pocan [D-WI]	Rep. Niki Tsongas [D-MA]	Rep. Sheila Jackson-Lee [D-TX]
Rep. Lloyd Doggett [D-TX]	Sen. Chris Van Hollen [D-MD]	Rep. Eric Swalwell [D-CA]

Date	Chamber	Action
2015-03-24	House	Referred to the House Committee on Financial Services.
2015-03-24	House	Introduced in House

SB838 (Related) 2015-03-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1565/all-info
Text	https://www.congress.gov/114/bills/hr1565/BILLS-114hr1565ih.pdf