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- S.582
S.582: Interest Rate Reduction Act
About This Bill
- This bill was introduced in the 111th Congress
- This bill is primarily about finance and financial sector
- Introduced March 12, 2009
- Latest Major Action March 12, 2009
Bill Sponsor
Bill Cosponsors
7 (7 Democrats, 1 Independent Democrat)
Bill 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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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| March 12, 2009 |
Introduced in the Senate by Bernard Sanders (ID-Vt.) |