PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6941-6942)
Congressional Research Service
Version 00 · Introduced in Senate · Jul 17, 2008
Protecting Consumers from Unreasonable Credit Rates Act of 2008 - Amends the Truth in Lending Act to prohibit a creditor from making an extension of credit to a consumer with respect to which the annual percentage credit rate (APR) exceeds 36%.
Includes within such APR all charges payable directly or indirectly incident to, ancillary to, or as a condition of the extension of credit.
States that any payment in violation of this Act is null, void, and unenforceable.
Prescribes civil and criminal penalties for violations of this Act. Empowers states' Attorneys General to enforce it.
People & committees
Sen. Durbin, Richard J. [D-IL] · D–IL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S6941-6942)
Sponsor introductory remarks on measure. (CR S6941)
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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Analyze S.3287 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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