Pipeline · Bill → Law
Step 1
Introduced
Sep 6, 2023
Step 2
Referred
Sep 6, 2023
Banking, Housing, and Urban Affairs
Step 3
Committee
Step 4
Senate
Step 5
House floor
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%. The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill. Credit card billing statements must include the fee and interest rate, displayed as FAIR, instead of the total finance charge expressed as an annual percentage rate (APR).
Timeline · 2 actions
Sep 6, 2023
Introduced in Senate
Sep 6, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.