Protecting Consumers from Unreasonable Credit Rates Act of 2017

Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2017 This bill 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%. 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).

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 September 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 13 September 2017

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• Introduced in House

  summary · EN · 13 September 2017

  Open at official source

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