H.R. 5138 (108th): Fair Credit Card Interest Rate Act

Introduced:
Sep 23, 2004 (108th Congress, 2003–2004)
Sponsor:
Rep. Chris Bell [D-TX25]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 23, 2004, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 23, 2004
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

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Last updated Sep 23, 2004.
2 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/23/2004--Introduced.
Fair Credit Card Interest Rate Act - Amends the Truth in Lending Act to prohibit a creditor during any calendar quarter from imposing a finance charge under an open end consumer credit plan involving a credit card which results in an annual percentage rate greater than ten percentage points over the most recent composite prime rate published in the Wall Street Journal before the beginning of the ten-business-day period ending on the first day of such calendar quarter (thus setting a ceiling on credit card interest rates) .

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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