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Home > Federal Government > S.3287
Chief Sponsor:

Richard Durbin

Tagged in: Consumer credit, Consumers, Criminal justice, Finance, Fines (Penalties), Injunctions, Interest rates, Law

Latest Update: Friday, September, 05th 2008

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A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.

7/17/2008--Introduced.

Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%.

Includes within such APR all charges payable directly or indirectly incident to, ancillary to, or as a condition of the extension of credit.

States that any payment in violation of this Act is null, void, and unenforceable.

Prescribes civil and criminal penalties for violations of this Act. Empowers states' Attorneys General to enforce it.
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Latest Actions
  • 07/17/2008 - Sponsor introductory remarks on measure. (CR S6941)
  • 07/17/2008 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6941-6942)
Bill Text
File name Last Updated
S.3287 Introduced in Senate07/23/2008