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S. 3287: | Protecting Consumers from Unreasonable Credit Rates Act of 2008 | 110th Congress 2007-2008 |
A bill to amend the Truth in Lending Act to establish a national usury rate for consumer credit transactions. OverviewSponsor: | | Text: | Summary
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Full Text | Status: |  | Introduced | Jul 17, 2008 | | Referred to Committee | View Committee Assignments |  | Reported by Committee | (did not occur) | | Senate Vote | (did not occur) | | House Vote | (did not occur) | | Signed by President | (did not occur) |
This bill never became law.
This bill was proposed in a previous session of Congress. Sessions
of Congress last two years, and at the end of each session all
proposed bills and resolutions that haven't passed are cleared from the books.
Members often reintroduce bills that did not come up for debate
under a new number in the next session.
| Last Action: | Jul 17, 2008:
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Related: | See the Related Legislation page for other bills related to this one and a list of subject terms
that have been applied to this bill.
Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned. |
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Question & Answer 
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Sep 8, 2008 10:38 AM - If this bill is passed, where will the people with less than perfect credit that would not qualify for a traditional bank loan borrow money? Consumers need to use good judgment and live within their means. -
Read AnswersAnswered by a visitor on Dec 17, 2008 11:36 PM -
This bill being passed would be a disaster. Not only will it take the option away from the people who have an unexpected expense come up, but can you imagine the jobs that will be lost. I personally am the manager of a Payday Loan company, and some people think that we are "legal loan sharks", but the fact is, if you don't agree with the interest that they charge, then don't use them! Answered by a visitor on Mar 18, 2009 4:20 PM -
I am a local licensed lender in the fine state of Louisiana. If this aw is passed it will undermine the financial system, the little that is left. Consumers, of course will be hurt the most. And, as lenders go out of business we become consumers that need money. Where will we all go. Not everyone can go to a bank or credit union! I, personally borrow from a local finance company because of the conveinence. No givernment agency can tell Circle K what to charge or the local furniture that pays $500.00 for a sofa and sell it for $2000.00. If you don't want to pay the price don't borrow the money! There is no company that can stay in business if this law passes. There will be those that try and will fail. This will create a rush to the bankruptcy courts also as owners and their companys go under. As they go bankrupt, now here we are again, back dealing with the federal government. The domino effect is in full swing under this scenario. Dec 12, 2008 11:36 AM - What other private industries does the Federal Government dictate pricing? I believe restricting the capacity of reward for risk will drive parts of the industry underground. -
Answer it! |
Because the U.S. Congress posts most legislative information online one legislative day after events occur, GovTrack is usually one legislative day behind. For more information about where this data comes from, see
About GovTrack.us. S. 3287--110th Congress: Protecting Consumers from Unreasonable Credit Rates Act of 2008.
(2008).
In GovTrack.us (database of federal legislation).
Retrieved Nov 22, 2009, from
http://www.govtrack.us/congress/bill.xpd?bill=s110-3287
"S. 3287--110th Congress: Protecting Consumers from Unreasonable Credit Rates Act of 2008."
GovTrack.us (database of federal legislation).
2008.
Nov 22, 2009
<http://www.govtrack.us/congress/bill.xpd?bill=s110-3287>
{{cite web
|url=http://www.govtrack.us/congress/bill.xpd?bill=s110-3287
|title=S. 3287
|accessdate=Nov 22, 2009
|author=110th Congress (2008)
|date=Jul 17, 2008
|work=Legislation
|publisher=GovTrack.us
|quote=Protecting Consumers from Unreasonable Credit Rates Act of 2008
}} | | | |
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