H.R. 1640 (111th): Interest Rate Reduction Act

Introduced:
Mar 19, 2009 (111th Congress, 2009–2010)
Sponsor:
Rep. Maurice Hinchey [D-NY22]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 336 (112th) on Jan 19, 2011.

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 March 19, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 19, 2009
Cosponsors
18 cosponsors (18D) (show)
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 protect consumers from usury, and for other purposes.

Summary

No summaries available.

Text

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Last updated Mar 19, 2009.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

3/19/2009--Introduced.
Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth. Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union.
Subjects a creditor who violates this Act to a civil penalty.

House Republican Conference Summary

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No summary available.

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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