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Protecting Consumers from Unreasonable Credit Rates Act of 2023

S. 2730 Sen. Richard Durbin (D-IL) In committee
Bill text PDF
  1. Introduced Sep 6
  2. Committee Sep 6
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Sep 6, 2023Next: Senate vote
1148d ago Sep 6, 2023: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Summary

Protecting Consumers from Unreasonable Credit Rates Act of 2023

Full summary2 paragraphs

This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%. The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill.

Credit card billing statements must include the fee and interest rate, displayed as FAIR, instead of the total finance charge expressed as an annual percentage rate (APR).

Library of Congress summary, Sep 6, 2023

Summary versions
  • Introduced in SenateSep 6, 2023

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.