Protecting Consumers from Unreasonable Credit Rates Act of 2012

Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2012 - 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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 July 2012

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 July 2012

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• Introduced in Senate

  summary · EN · 26 July 2012

  Open at official source

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