Protecting Consumers from Unreasonable Credit Rates Act of 2014

Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2014 - 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 violations 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).

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Timeline

1. 17 July 2014

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 17 July 2014

   Introduced

   Introduced in House

   Source: IntroReferral

3. 17 July 2014

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 September 2014

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 17 July 2014 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 July 2014

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 17 July 2014

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 17 July 2014

  Open at official source

Sponsors

• Matt Cartwright · D · Sponsor
• Katherine Clark · D · Sponsor
• WM. CLAY · D · Sponsor
• James Clyburn · D · Sponsor
• ELIJAH CUMMINGS · D · Sponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Sponsor
• Rep. Doggett, Lloyd [D-TX-37] · D · Sponsor
• Rep. Edwards, Donna F. [D-MD-4] · D · Sponsor
• Keith Ellison · D · Sponsor
• Rep. Fattah, Chaka [D-PA-2] · D · Sponsor
• Sheila Jackson Lee · D · Sponsor
• EDDIE JOHNSON · D · Sponsor
• Rep. Miller, George [D-CA-7] · D · Sponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• Niki Tsongas · D · Sponsor
• Michelle Lujan Grisham · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Takano, Mark [D-CA-39] · D · Cosponsor
• Rep. Tonko, Paul [D-NY-20] · D · Cosponsor
• PETER DEFAZIO · D · Cosponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Cosponsor
• David Cicilline · D · Cosponsor
• Rep. Michaud, Michael H. [D-ME-2] · D · Cosponsor
• JOHN CONYERS · D · Cosponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Cosponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Cosponsor
• JOSE SERRANO · D · Cosponsor
• JOHN LEWIS · D · Cosponsor
• Alan Lowenthal · D · Cosponsor
• Rep. Pocan, Mark [D-WI-2] · D · Cosponsor
• LOUISE SLAUGHTER · D · Cosponsor
• Raúl Grijalva · D · Cosponsor
• Rep. Lofgren, Zoe [D-CA-18] · D · Cosponsor
• LUIS GUTIERREZ · D · Cosponsor
• Rep. Lynch, Stephen F. [D-MA-8] · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• RON KIND · D · Cosponsor
• DAVID PRICE · D · Cosponsor
• G. K. Butterfield · D · Cosponsor
• MICHAEL CAPUANO · D · Cosponsor
• Elizabeth Esty · D · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Eric Swalwell · D · Cosponsor
• Rep. Kelly, Robin L. [D-IL-2] · D · Cosponsor
• Anna Eshoo · D · Cosponsor
• John Yarmuth · D · Cosponsor

Showing 48 of 52 sponsors and actors.

Related records

• related to ← Protecting Consumers from Unreasonable Credit Rates Act of 2013