National Usury and Credit Control Act Amendment

Summary

National Usery and Credit Control Act Amendment - Expresses the finding of Congress that it is necessary to stabilize interest charges and regulate the extension of credit, as authorized by the Credit Control Act of 1969. Prohibits the charging of interest for credit in excess of such rate as the Board of Governers of the Federal Reserve System may determine, not to exceed 8 percent per year. Permits the Board to exempt unsecured credit transactions from such prohibition and to authorize interest charges in connection therewith, not to exceed 12 percent per year. Preempts the operation of State laws to the extent that such laws are inconsistent with the Board's regulation and the provisions of this Act. Declares any interest charge in excess of the rates allowed to be illegal and void, and prohibits the maintenance of any action upon such agreement for the collections of principal or interest. Provides criminal penalties of $500 to $5,000 in fine and/or up to one year imprisonment for the willful violation of the Credit Control Act. Requires the Board to report annually to each House of Congress the administration of the Act.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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