Protecting Consumers from Unreasonable Credit Rates Act of 2009
Latest action · Mar 19, 2009 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 19, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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).
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Mar 19, 2009 to Sep 22, 2009; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Bill Delahunt | Original | Mar 19, 2009 |
| D-CA | Maxine Waters | May 12, 2009 | |
| D-IL | Jesse L. Jackson, Jr. | Jun 9, 2009 | |
| D-OH | Marcia L. Fudge | Jun 9, 2009 | |
| D-AZ | Raúl M. Grijalva | Jun 9, 2009 | |
| D-TX | Lloyd Doggett | Jun 25, 2009 | |
| D-NY | Jose E. Serrano | Jul 14, 2009 | |
| D-OH | Marcy Kaptur | Jul 14, 2009 | |
| D-CA | Barbara Lee | Jul 24, 2009 | |
| D-CA | Diane E. Watson | Jul 24, 2009 | |
| D-WI | Gwen Moore | Jul 24, 2009 | |
| D-MN | Keith Ellison | Jul 24, 2009 | |
| D-NY | Louise McIntosh Slaughter | Jul 24, 2009 | |
| D-NY | Nydia M. Velázquez | Jul 24, 2009 | |
| D-IL | Janice D. Schakowsky | Jul 27, 2009 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 19, 2009 |
Actions 2
Everything that happened, newest first.
- Mar 19, 2009Introduced in House
- Mar 19, 2009Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-24 | H.R. 1214, THE PAYDAY LOAN REFORM ACT OF 2009136 pages | Financial Services Committee | Apr 2, 2009 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 500 | Protecting Consumers from Unreasonable Credit Rates Act of 2009 | Related bill | Feb 26, 2009 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions, and for other purposes.
- Short Titles as Introduced
- Protecting Consumers from Unreasonable Credit Rates Act of 2009
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 19, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
