S.582 - Interest Rate Reduction Act

A bill to amend the Truth in Lending Act to protect consumers from usury, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Truth in Lending Act to protect consumers from usury, and for other purposes. as introduced.
  • Short: Interest Rate Reduction Act as introduced.

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  • Today: 1
  • Past Seven Days: 4
  • All-Time: 3,871
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/12/09
 
 
 
 
 
 
 

Official Summary

Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federa

Official Summary

Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that:
(1) money market interest rates have risen over the preceding six-month period; and
(2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth. Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union.Subjects a creditor who violates this Act to a civil penalty.

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