S 1230
Protecting Consumers from Unreasonable Credit Rates Act of 2019
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Protecting Consumers from Unreasonable Credit Rates Act of 2019 establishes a national 36% interest rate cap for consumer credit transactions, aiming to curb predatory lending practices. It prohibits creditors from charging excessive fees and interest on credit cards and other loans, and it introduces criminal penalties for violations. The bill also mandates that credit card statements clearly display the fee and interest rate as ‘FAIR’ instead of the total finance charge as an APR. Furthermore, it empowers state attorneys general to enforce these regulations and encourages alternative, low-fee lending options.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.