Protecting Consumers from Unreasonable Credit Rates Act of 2021
- Last Action
- 7/14/2021
Actions
- 2021-07-14Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
- 2021-07-14Introduced in Senate
CRS Summary
As of 2021-07-14 (00)
Protecting Consumers from Unreasonable Credit Rates Act of 2021
This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%.
The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill.
Credit card billing statements must include the fee and interest rate, displayed as FAIR, instead of the total finance charge expressed as an annual percentage rate (APR).
Cosponsors (3)
- Jeff Merkley (D-OR)
- Richard Blumenthal (D-CT)
- Sheldon Whitehouse (D-RI)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.