To amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
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).
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S4429-4430)
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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