Protecting Consumers from Unreasonable Credit Rates Act of 2015
Latest action · Mar 23, 2015 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
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 23, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2015
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 violations 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 6
Members who signed on, in the order they did. Signatures ran from Mar 23, 2015 to Mar 14, 2016, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Boxer | Original | Mar 23, 2015 |
| D-OR | Jeff Merkley | Original | Mar 23, 2015 |
| D-CT | Richard Blumenthal | Original | Mar 23, 2015 |
| D-RI | Sheldon Whitehouse | Original | Mar 23, 2015 |
| D-MN | Al Franken | Apr 28, 2015 | |
| D-CA | Dianne Feinstein | Mar 14, 2016 |
Actions 2
Everything that happened, newest first.
- Mar 23, 2015Introduced in Senate
- Mar 23, 2015Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S1710-1711)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1565 | Protecting Consumers from Unreasonable Credit Rates Act of 2015 | Identical bill | Mar 24, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 23, 2015Introduced in Senate
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.