S.3452 - Protecting Consumers from Unreasonable Credit Rates Act of 2012112th Congress (2011-2012)
|Sponsor:||Sen. Durbin, Richard J. [D-IL] (Introduced 07/26/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 07/26/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3452 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (07/26/2012)
Protecting Consumers from Unreasonable Credit Rates Act of 2012 - 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).