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United States · Bill · HR

H.R. 4300 (111th)

Restoring America's Commitment to Consumers Act of 2009

referredUnited States· United States Congress· EN

Introduced

11 December 2009

Last action

11 December 2009 · Introduced

Status

Referred to House Rules

Sponsors

Rep. Tierney, John F. [D-MA-6], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Capuano, Michael E. [D-MA-8], Rep. Andrews, Robert E. [D-NJ-1], Rep. Arcuri, Michael A. [D-NY-24], Rep. Bishop, Timothy H. [D-NY-1], Rep. Carnahan, Russ [D-MO-3], Rep. Clyburn, James E. [D-SC-6], Rep. Cohen, Steve [D-TN-9], Rep. Conyers, John, Jr. [D-MI-13], Rep. Costello, Jerry F. [D-IL-12], Rep. Courtney, Joe [D-CT-2], Rep. Cummings, Elijah E. [D-MD-7], Rep. Dahlkemper, Kathleen A. [D-PA-3], Rep. DeFazio, Peter A. [D-OR-4], Rep. Delahunt, William D. [D-MA-10], Rep. DeLauro, Rosa L. [D-CT-3], Rep. Doggett, Lloyd [D-TX-37], Rep. Doyle, Michael F. [D-PA-14], Rep. Edwards, Donna F. [D-MD-4], Rep. Ellison, Keith [D-MN-5], Rep. Eshoo, Anna G. [D-CA-18], Rep. Farr, Sam [D-CA-20], Rep. Filner, Bob [D-CA-51], Rep. Garamendi, John [D-CA-8], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Hare, Phil [D-IL-17], Rep. Hastings, Alcee L. [D-FL-20], Rep. Hinchey, Maurice D. [D-NY-22], Sen. Hirono, Mazie K. [D-HI], Rep. Israel, Steve [D-NY-3], Rep. Jackson, Jesse L., Jr. [D-IL-2], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Jones, Walter B., Jr. [R-NC-3], Rep. Kaptur, Marcy [D-OH-9], Rep. Kennedy, Patrick J. [D-RI-1], Rep. Kucinich, Dennis J. [D-OH-10], Rep. Langevin, James R. [D-RI-2], Rep. Lowey, Nita M. [D-NY-17], Rep. Lynch, Stephen F. [D-MA-8], Rep. Massa, Eric J. J. [D-NY-29], Rep. Matsui, Doris O. [D-CA-7], Rep. McCollum, Betty [D-MN-4], Rep. McDermott, Jim [D-WA-7], Rep. McGovern, James P. [D-MA-2], Rep. Miller, George [D-CA-11], Rep. Mollohan, Alan B. [D-WV-1]

Subjects

Discovery layer

Source updated

14 August 2025

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Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 December 2009

    Introduced

    Referred to House Financial Services

    Source: IntroReferral

  2. 11 December 2009

    Introduced

    Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  3. 11 December 2009

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 11 December 2009

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 11 December 2009

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  • Introduced in House (PDF)

    Introduced in House · EN · 11 December 2009

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  • Introduced in House

    summary · EN · 11 December 2009

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Related records

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Sources

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