A bill to amend the Depository Institutions Deregulation and Monetary Control Act of 1980.
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to allow creditors to charge on any extension of consumer credit: (1) interest at a rate limited by the constant maturity index on U.S. Government securities; and (2) specified transaction and access fees. Directs the Board of Governors of the Federal Reserve System, not later than 30 days before the beginning of each calendar quarter, to: (1) compute such maximum annual interest rate; and (2) publish such rate in the Federal Register and otherwise disseminate information regarding such rate as it deems appropriate. Prescribes penalties for the charging of fees in excess of those the creditor would otherwise be permitted to charge and remedies for an individual who has paid such charges, including class action suits. Prohibits the application of charges described in this Act to open-end credit extensions, unless specified notice requirements are met.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 4, 1980. 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 December 4, 1980: Referred to House Committee on Banking, Finance and Urban Affairs.
- 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 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 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?
JOHN LAFALCE (D-NY) introduced it on December 4, 1980. No cosponsors are recorded.
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 December 4, 1980, 16716 days ago. The most recent recorded action was 16716 days ago, on December 4, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 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