A bill to amend the Truth in Lending Act to establish a limitation on the rates of interest which may be imposed on credit card accounts, to provide that such limitation shall take effect on October 1, 1986, unless the determination is made that such rates reflect the cost of funds to creditors and competition among creditors for new credit card accounts, and for other purposes.
Credit Card Interest Rate Limitation Act of 1985 - Amends the Truth in Lending Act to establish a national ceiling on credit card interest rates. Directs the Board of Governors of the Federal Reserve System to conduct a study of: (1) the relationship between credit card interest rates and the cost of extending such credit; and (2) the degree to which such interest rates reflected competition for new credit card accounts. Requires such report to be submitted to specified congressional committees by June 1, 1986.
Provides that such ceiling shall not take effect if such study reveals that the credit rates are competitive with the cost of extending credit.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Consumer Affairs and Coinage.
Subcommittee Hearings Held.
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