S. 255 would amend the Truth in Lending Act to empower the States to set the maximum annual percentage rates applicable to consumer credit transactions.
Detailed Summary
Empowering States' Right To Protect Consumers Act of 2009 - Amends the Truth In Lending Act to limit the annual percentage rate (APR) applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.
Status of the Legislation
Latest Major Action: 1/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Points in Favor
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Points Against
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