SB2730: Protecting Consumers from Unreasonable Credit Rates Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions.
Plain-language summary
This bill would change federal lending rules by setting a national maximum interest rate (called a usury rate) that lenders can charge consumers borrowing money. Currently, interest rate limits vary by state, and some types of credit have no federal cap. The bill amends the Truth in Lending Act, which requires lenders to disclose loan terms clearly. The legislation was introduced by Democratic senators but has not yet been assigned to a for review.
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SB2730: Protecting Consumers from Unreasonable Credit Rates Act of 2023
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Sponsors
Richard Durbin
Primary SponsorCo-sponsors (3)
Richard Blumenthal
Jeff Merkley
Sheldon Whitehouse