H.R.5130 - Protecting Consumers from Unreasonable Credit Rates Act of 2014113th Congress (2013-2014)
|Sponsor:||Rep. Cartwright, Matt [D-PA-17] (Introduced 07/17/2014)|
|Committees:||House - Financial Services|
|Latest Action:||Senate - 09/18/2014 Committee on Banking, Housing, and Urban Affairs. Hearings held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5130 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (07/17/2014)
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).