H.R. 5130 · 113th Congress
Protecting Consumers from Unreasonable Credit Rates Act of 2014
- Stage
- In committee
- Sponsor
- Matt Cartwright
- Introduced
- 2014-07-17
- Latest action
- 2014-09-18 · Committee on Banking, Housing, and Urban Affairs. Hearings held.
Summary
Protecting Consumers from Unreasonable Credit Rates Act of 2014 - 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).