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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|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the Senate
- Bill passed in the Senate
- Bill passed in the House
- Bill signed into law
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)
|April 9, 2013||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2504-2505)|