Interest Rate Reduction Act

Summary

Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth. Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union. Subjects a creditor who violates this Act to a civil penalty.

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Timeline

1. 12 March 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S3076-3077)

   Source: IntroReferral

2. 12 March 2009

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

3. 12 March 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 March 2009 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 March 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 March 2009

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 12 March 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Sanders, Bernard [I-VT] · I · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• Sen. Harkin, Tom [D-IA] · D · Cosponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Cosponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Begich, Mark [D-AK] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Interest Rate Reduction Act