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H.R. 5138House108th Congress (2003-2005)In Committee

Fair Credit Card Interest Rate Act

Sponsored by Chris BellRep. Chris Bell (D-TX)
Introduced September 23, 2004

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2 earlier actions
HouseCommittee Latest Action

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

October 7, 2004

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HouseIntro Referral

Introduced in House

September 23, 2004

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

September 23, 2004

HouseCommittee

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

October 7, 2004

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Introduced in HouseIssued September 23, 2004

I

108th CONGRESS

2d Session

H. R. 5138

IN THE HOUSE OF REPRESENTATIVES

September 23, 2004

Mr. Bell introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Truth in Lending Act to establish an equitable ceiling on credit card interest rates, and for other purposes.

1.

Short title

This Act may be cited as the Fair Credit Card Interest Rate Act.

2.

Credit card interest rate ceiling

(a)

In general

Chapter 1 of the Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended by inserting after section 109 the following new section:

110.

Limitations on credit card interest rates

(a)

In general

During any calendar quarter, no creditor may impose a finance charge under any open end consumer credit plan involving a credit card which results in an annual percentage rate greater than 10 percentage points over the most recent composite prime rate published in the Wall Street Journal before the beginning of the 10-business-day period ending on the first day of such calendar quarter.

(b)

Regulations by board

The Board may prescribe such regulations as the Board may, in the discretion of the Board, determine to be appropriate to implement and carry out the requirements of subsection (a), including the determination and publication of the applicable maximum annual percentage rate under such subsection for any calendar quarter.

.

(b)

Clerical amendment

The table of sections for chapter 1 of the Truth in Lending Act is amended by inserting after the item relating to section 109 the following new item:

110. Limitation on credit card interest rates

.

(c)

Effective date

The amendments made by this section shall apply with respect to calendar quarters that begin after the end of the 6-month period beginning on the date of the enactment of this Act.