U.S. Congress - S.3287 Protecting Consumers from Unreasonable Credit Rates Act of 2008
S.3287 - Protecting Consumers from Unreasonable Credit Rates Act of 2008
A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions. view all titles (2)
All Bill Titles
- Official: A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions. as introduced.
- Short: Protecting Consumers from Unreasonable Credit Rates Act of 2008 as introduced.
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Official Summary
7/17/2008--Introduced.Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%. Includes within such APOfficial Summary
7/17/2008--Introduced.Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%. Includes within such APR all charges payable directly or indirectly incident to, ancillary to, or as a condition of the extension of credit. States that any payment in violation of this Act is null, void, and unenforceable. Prescribes civil and criminal penalties for violations of this Act. Empowers states' Attorneys General to enforce it.
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