legislation: 96-s-2985

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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-2985 96 s 2985 A bill to amend the Consumer Credit Protection Act to prohibit the use of the "Rule of 78 's'" in credit transactions with terms greater than 61 months. Finance and Financial Sector 1980-07-28 1980-07-28 Referred to Senate Committee on Banking, Housing and Urban Affairs. Senate Sen. Tsongas, Paul E. [D-MA] MA D T000393 1 Amends the Consumer Credit Protection Act to require a creditor to refund promptly any unearned portion of a precomputed finance charge, (except for refunds under $1), if a consumer prepays in full a consumer credit transaction. Requires, with respect to a transaction having a term of more than 61 months, that such refund be calculated using a method at least as favorable to the consumer as the actuarial method in accordance with regulations of the Federal Reserve Board (thus excluding use of the "rule of 78's). 2025-01-14T18:20:21Z  

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