H.R. 4300 (111th): Restoring America’s Commitment to Consumers Act of 2009

Introduced:
Dec 11, 2009 (111th Congress, 2009–2010)
Sponsor:
Rep. John Tierney [D-MA6]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 4084 (112th) on Feb 17, 2012.

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 December 11, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 11, 2009
Cosponsors
72 cosponsors (70D, 2R) (show)
Committees

House Financial Services

House Rules

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

Full Title

To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes.

Summary

No summaries available.

Text

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Last updated Dec 11, 2009.
9 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.

12/11/2009--Introduced.
Restoring America's Commitment to Consumers Act of 2009 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%. Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit. Authorizes the Board of Governors of the Federal Reserve System to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase. Prohibits construction of this Act as an endorsement by Congress of a 16% APR. Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers. Treats as an unfair or deceptive act or practice a credit card account which, as of December 11, 2009, bears an APR that is less than 16%, and subsequently increases it between December 11, 2009, and 60 days after enactment of this Act. Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

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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