US HB1640 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 19-0)
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
Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth. Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union.Subjects a creditor who violates this Act to a civil penalty.
Title
Interest Rate Reduction Act
Sponsors
Rep. Neil Abercrombie [D-HI] | Rep. Steve Cohen [D-TN] | Rep. Elijah Cummings [D-MD] | Rep. Keith Ellison [D-MN] |
Rep. Bob Filner [D-CA] | Rep. Maurice Hinchey [D-NY] | Rep. Michael Honda [D-CA] | Rep. Jesse Jackson [D-IL] |
Rep. Steve Kagen [D-WI] | Rep. Dennis Kucinich [D-OH] | Rep. Barbara Lee [D-CA] | Rep. Eric Massa [D-NY] |
Rep. Jim McDermott [D-WA] | Rep. George Miller [D-CA] | Rep. Thomas Perriello [D-VA] | Rep. Jared Polis [D-CO] |
Rep. Fortney Stark [D-CA] | Rep. John Tierney [D-MA] | Rep. Lynn Woolsey [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2009-03-19 | Referred to the House Committee on Financial Services. |
Same As/Similar To
SB582 (Related) 2009-03-12 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Civil actions and liability
Consumer credit
Finance and financial sector
Interest, dividends, interest rates
Consumer credit
Finance and financial sector
Interest, dividends, interest rates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/1640/all-info |
Text | https://www.congress.gov/111/bills/hr1640/BILLS-111hr1640ih.pdf |