S. 500 · 111th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2009
- Stage
- In committee
- Sponsor
- Richard Durbin
- Introduced
- 2009-02-26
- Latest action
- 2009-02-26 · Introduced in Senate
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2009 - 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 violation 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).