US HB1608 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 22-0)
Status: Introduced on March 19 2009 - 25% progression, died in committee
Action: 2009-03-19 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 19 2009 - 25% progression, died in committee
Action: 2009-03-19 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2009 - 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 violation 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 2009
Sponsors
Rep. Bill Delahunt [D-MA] | Rep. William Delahunt [D-MA] | Rep. Lloyd Doggett [D-TX] | Rep. Keith Ellison [D-MN] |
Rep. Marcia Fudge [D-OH] | Rep. Raul Grijalva [D-AZ] | Rep. Jesse Jackson [D-IL] | Rep. Marcy Kaptur [D-OH] |
Rep. Barbara Lee [D-CA] | Rep. Jim McDermott [D-WA] | Rep. Gwen Moore [D-WI] | Rep. Chellie Pingree [D-ME] |
Rep. Janice Schakowsky [D-IL] | Rep. Jose Serrano [D-NY] | Rep. Louise Slaughter [D-NY] | Rep. Jackie Speier [D-CA] |
Rep. Paul Tonko [D-NY] | Rep. Paul Tonko [D-NY] | Rep. Niki Tsongas [D-MA] | Rep. Nydia Velazquez [D-NY] |
Rep. Maxine Waters [D-CA] | Rep. Diane Watson [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2009-03-19 | Referred to the House Committee on Financial Services. |
Same As/Similar To
SB500 (Related) 2009-02-26 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2571-2572)
Subjects
Civil actions and liability
Consumer credit
Finance and financial sector
Fraud offenses and financial crimes
Interest, dividends, interest rates
Consumer credit
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/111th-congress/house-bill/1608/all-info |
Text | https://www.congress.gov/111/bills/hr1608/BILLS-111hr1608ih.pdf |