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Committee on Financial ServicesCommittee on RulesIntroducedDecember 11th, 2009
- house Committees
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Restoring America's Commitment to Consumers Act of 2009
To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes.
Restoring America's Commitment to Consumers Act of 2009 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%. Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit. Authorizes the Board of Governors of the Federal Reserve System to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase. Prohibits construction of this Act as an endorsement by Congress of a 16% APR. Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers. Treats as an unfair or deceptive act or practice a credit card account which, as of December 11, 2009, bears an APR that is less than 16%, and subsequently increases it between December 11, 2009, and 60 days after enactment of this Act. Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.