[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3125 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 3125
To amend the Truth in Lending Act to impose a temporary cap on credit
card interest rates, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 12, 2001
Mr. Sandlin introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Truth in Lending Act to impose a temporary cap on credit
card interest rates, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Credit Card Fairness Act''.
SEC. 2. TEMPORARY RATE CAP ON CREDIT CARD INTEREST RATES.
Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended
by adding at the end the following new subsection:
``(f) Temporary Credit Card Interest Rate Cap.--
``(1) In general.--The annual percentage rate applicable to
an extension of credit outstanding on a credit card account
under an open end credit plan may not exceed 12 percent.
``(2) Effective period.--Subsection (f) shall take effect
60 days after the date of the enactment of the Credit Card
Fairness Act and shall cease to apply at the end of the 2-year
period beginning on such effective date.''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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