legislation: 96-hr-8421

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
96-hr-8421 96 hr 8421 A bill to amend the Depository Institutions Deregulation and Monetary Control Act of 1980. Finance and Financial Sector 1980-12-04 1980-12-04 Referred to House Committee on Banking, Finance and Urban Affairs. House Rep. LaFalce, John J. [D-NY-36] NY D L000556 0 Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to allow creditors to charge on any extension of consumer credit: (1) interest at a rate limited by the constant maturity index on U.S. Government securities; and (2) specified transaction and access fees. Directs the Board of Governors of the Federal Reserve System, not later than 30 days before the beginning of each calendar quarter, to: (1) compute such maximum annual interest rate; and (2) publish such rate in the Federal Register and otherwise disseminate information regarding such rate as it deems appropriate. Prescribes penalties for the charging of fees in excess of those the creditor would otherwise be permitted to charge and remedies for an individual who has paid such charges, including class action suits. Prohibits the application of charges described in this Act to open-end credit extensions, unless specified notice requirements are met. 2024-02-06T19:38:08Z  

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