- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Senate Committee on Banking, Housing, and Urban AffairsIntroducedFebruary 26th, 2009
- senate Committees
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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.
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).