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S.673: Protecting Consumers from Unreasonable Credit Rates Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Richard J. Durbin, D-Ill.
Total Cosponsors 4 (All Democrats)
Introduced April 9, 2013
Latest Major Action April 9, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2013 - 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).

(Source: Congressional Research Service)

Bill Actions

Date Description
April 9, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2504-2505)