US SB1230 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on April 29 2019 - 25% progression, died in committee
Action: 2019-04-29 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 29 2019 - 25% progression, died in committee
Action: 2019-04-29 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%. The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill. Credit card billing statements must include 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 2019
Sponsors
| Sen. Richard Durbin [D-IL] | Sen. Jeff Merkley [D-OR] | Sen. Richard Blumenthal [D-CT] | Sen. Sheldon Whitehouse [D-RI] |
History
| Date | Chamber | Action |
|---|---|---|
| 2019-04-29 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
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/116th-congress/senate-bill/1230/all-info |
| Text | https://www.congress.gov/116/bills/s1230/BILLS-116s1230is.pdf |
