Protecting Consumers from Unreasonable Credit Rates Act of 2021

Summary

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).

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Timeline

1. 14 July 2021

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)

   Source: IntroReferral

2. 14 July 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 July 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 July 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 July 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 July 2021

  Open at official source

Sponsors

• Richard Durbin · D · Sponsor
• Jeff Merkley · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Sheldon Whitehouse · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Protecting Consumers from Unreasonable Credit Rates Act of 2023
• related to ← Protecting Consumers from Unreasonable Credit Rates Act of 2019