legislation: 96-s-2002

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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-s-2002 96 s 2002 A bill to amend the Consumer Credit Protection Act to prohibit the use of the "Rule of 78's" in the computation of the rebate of unearned interest in precomputed consumer credit transactions with terms greater than 36 months. Finance and Financial Sector 1979-11-13 1979-11-13 Referred to Senate Committee on Banking, Housing and Urban Affairs. Senate Sen. Tsongas, Paul E. [D-MA] MA D T000393 0 Amends the Consumer Credit Protection Act to require creditors or assignees to refund promptly any unearned portion of finance charges and insurance premiums above one dollar to consumers who prepay in full a consumer credit transaction. Requires that such refunds for precomputed transactions repayable over a more than 36-month period be computed by a method at least as favorable to the consumer as an actuarial method in accordance with regulations of the Board of Governors of the Federal Reserve System. Permits the creditor to collect or retain a minimum charge not exceeding seven and one-half dollars if provided for by State law and the contract relating to the transaction. Requires creditors or assignees to provide consumers with statements of the amount due on any precomputed consumer credit account after such deductions of the finance charge and insurance premiums, within five days of receipt of an oral or written request from a consumer. Permits oral statements upon oral requests. Requires written statements upon written requests. Entitles consumers to one statement without charge each year. Permits reasonable fees for additional statements, if such fees are disclosed in advance. 2025-01-14T18:20:21Z  

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