H.R. 5138 · 108th Congress
Fair Credit Card Interest Rate Act
- Stage
- In committee
- Sponsor
- Chris Bell
- Introduced
- 2004-09-23
- Latest action
- 2004-10-07 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
Fair Credit Card Interest Rate Act - Amends the Truth in Lending Act to prohibit a creditor during any calendar quarter from imposing a finance charge under an open end consumer credit plan involving a credit card which results in an annual percentage rate greater than ten percentage points over the most recent composite prime rate published in the Wall Street Journal before the beginning of the ten-business-day period ending on the first day of such calendar quarter (thus setting a ceiling on credit card interest rates) .