National Usury and Credit Control Act Amendments
Latest action. Referred to House Committee on Banking and Currency.
National Usury and Credit Control Act Amendment - Expresses the finding of Congress that it is necessary to stabilize interest charges and regulate the extension of credit, as authorized by the Credit Control Act of 1969. Prohibits the charging of interest for credit in excess of such rate as the Board of Governors of the Federal Reserve System may determine, not to exceed eight percent per annum. Permits the Board to exempt unsecured credit transactions from such prohibition and to authorize interest charges in connection therewith, not to exceed 12 percent per annum. Preempts the operation of State laws to the extent that such laws are inconsistent with the Board's regulations and the provisions of this Act. Declares any interest charge in excess of the rates allowed to be illegal and void, and prohibits the maintenance of any action upon such agreement for the collection of principal or interest. Provides criminal penalties of $500 to $5000 in fines and/or up to one year imprisonment for the willful violation of the Credit Control Act. Requires the Board to report annually to each House of Congress on the administration of the Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on November 20, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on November 20, 1974: Referred to House Committee on Banking and Currency.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
RICHARD ICHORD (D-MO) introduced it on November 20, 1974, and 2 members have since signed on as cosponsors.
They come from both major parties: 1 Democrat, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on November 20, 1974, 18969 days ago. The most recent recorded action was 18969 days ago, on November 20, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers