US Congress Senate Bill 1659 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 7-0)
Status: Introduced on July 27 2017 - 25% progression, died in committee
Action: 2017-07-27 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Protecting Consumers from Unreasonable Credit Rates Act of 2017 This bill 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%. 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).

Protecting Consumers from Unreasonable Credit Rates Act of 2017

Sen. Richard Durbin [D-IL]	Sen. Jeff Merkley [D-OR]	Sen. Sheldon Whitehouse [D-RI]	Sen. Richard Blumenthal [D-CT]
Sen. Kirsten Gillibrand [D-NY]	Sen. Al Franken [D-MN]	Sen. Dianne Feinstein [D-CA]

Date	Chamber	Action
2017-07-27	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)

HB3760 (Related) 2017-09-13 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1659/all-info
Text	https://www.congress.gov/115/bills/s1659/BILLS-115s1659is.pdf