S.500 - Protecting Consumers from Unreasonable Credit Rates Act of 2009

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 2009 as introduced.

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  • Today: 1
  • Past Seven Days: 2
  • All-Time: 9,138
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/26/09
 
 
 
 
 
 
 

Official Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2009 - 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%. Sets forth criminal penalties fo

Official Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2009 - 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%. Sets forth criminal penalties for violation of this Act. Empowers state Attorneys General to enforce this Act. Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as \"FAIR,\" instead of the total finance charge expressed as an annual percentage rate (APR).

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Organizations Supporting S.500

  • ACORN
  • Americans for Fairness in Lending
  • Consumer Action
  • Consumer Federation of America
  • Consumers Union
  • National Community Reinvestment Coalition
  • ...and 12 more. See all.

Organizations Opposing S.500

  • American Financial Services Association
  • Community Financial Services Association of America




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