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H.R. 5988, The Fair and Justifiable Credit Card Interest Rate Act of 2008
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on July 31, 2008, 19:33:20, by webmaster:
H.R. 5988 would amend the Truth in Lending Act to impose a cap on the rate of interest that may be charged on consumer credit card accounts.
Detailed Summary
Fair and Justifiable Credit Card Interest Rate Act of 2008 - Amends the Truth in Lending Act to prohibit the annual percentage rate applicable to any extension of credit on a credit card account under an open end consumer credit plan from exceeding 20%.
Status of the Legislation
Latest Major Action: 5/7/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.
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Points Against
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