Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Protecting Consumers from
Unreasonable Credit Rates Act of 2017''.

SEC. 2. FINDINGS.

Congress finds that--
(1) attempts have been made to prohibit usurious interest
rates in America since colonial times;
(2) at the Federal level, in 2006, Congress enacted a
Federal 36-percent annualized usury cap for servicemembers and
their families for covered credit products, as defined by the
Department of Defense, which curbed payday, car title, and tax
refund lending around military bases;
(3) notwithstanding such attempts to curb predatory
lending, high-cost lending persists in all 50 States due to
loopholes in State laws, safe harbor laws for specific forms of
credit, and the exportation of unregulated interest rates
permitted by preemption;
(4) due to the lack of a comprehensive Federal usury cap,
consumers annually pay approximately $14,000,000,000 on high-
cost overdraft loans, as much as approximately $7,000,000,000
on storefront and online payday loans, $3,800,000,000 on car
title loans, and additional amounts in unreported revenues on
high-cost online installment loans;
(5) cash-strapped consumers pay on average approximately
400 percent annual interest for payday loans, 300 percent
annual interest for car title loans, up to 17,000 percent or
higher for bank overdraft loans, and triple-digit rates for
online installment loans;
(6) a national maximum interest rate that includes all
forms of fees and closes all loopholes is necessary to
eliminate such predatory lending; and
(7) alternatives to predatory lending that encourage small
dollar loans with minimal or no fees, installment payment
schedules, and affordable repayment periods should be
encouraged.

SEC. 3. NATIONAL MAXIMUM INTEREST RATE.

Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is
amended by adding at the end the following:

''SEC. 140B. MAXIMUM RATES OF INTEREST.

''(a) In General.--Notwithstanding any other provision of law, a
creditor may not make an extension of credit to a consumer with respect
to which the fee and interest rate, as defined in subsection (b),
exceeds 36 percent.
''(b) Fee and Interest Rate Defined.--
''(1) In general.--For purposes of this section, the term
'fee and interest rate' includes all charges payable (directly
or indirectly) that are incident to, ancillary to, or as a
condition of an extension of credit, including--
''(A) any payment compensating a creditor or
prospective creditor for--
''(i) an extension of credit or making
available a line of credit, such as fees
connected with credit extension or availability
(including numerical periodic rates, annual
fees, cash advance fees, and membership fees);
or
''(ii) any fees for default or breach by a
borrower of a condition upon which credit was
extended, such as late fees, creditor-imposed
fees charged when a borrower tenders payment on
a debt with a check drawn on insufficient
funds, overdraft fees, and over limit fees;
''(B) all fees which constitute a finance charge,
as defined by rules of the Bureau in accordance with
this title;
''(C) credit insurance premiums, whether optional
or required; and
''(D) all charges and costs for ancillary products
sold in connection with or incidental to the credit
transaction.
''(2) Tolerances.--
''(A) In general.--With respect to a credit
obligation that is payable in at least 3 fully
amortizing installments over a period of 90 days or
more, the term 'fee and interest rate' does not
include--
''(i) an application or participation fee
that in total do not exceed the greater of $30
or, if there is a limit to the credit line, 5
percent of the credit limit, up to $120, if--
''(I) such fees are excludable from
the finance charge determined under
section 106;
''(II) such fees cover all credit
extended or renewed by the creditor to
the borrower for 12 months; and
''(III) the minimum amount of
credit extended or available on a
credit line is equal to $300 or more;
''(ii) a late fee that does not exceed
either $20 per late payment or $20 per month,
charged as authorized by State law or by an
agreement between the creditor and the
borrower; or
''(iii) a creditor-imposed fee that does
not exceed $15, charged when a borrower tenders
payment on a debt with a check drawn on
insufficient funds.
''(B) Adjustments for inflation.--The Bureau may
adjust the amounts of the tolerances established under
this paragraph for inflation over time, consistent with
the primary goals of protecting consumers and
preventing circumvention of the 36-percent fee and
interest rate limitation established under subsection
(a).
''(c) Calculations.--
''(1) Open end credit plans.--For an open end credit plan--
''(A) the fee and interest rate shall be calculated
each month, based upon the sum of all fees, charges,
and payments described in subsection (b) charged by the
creditor during the preceding 1-year period, divided by
the average daily balance; and
''(B) if the credit account has been open less than
1 year, the fee and interest rate shall be calculated
based upon the total of all fees, charges, and payments
described in subsection (b)(1) charged by the creditor
since the plan was opened, divided by the average daily
balance, and multiplied by the quotient of 12 divided
by the number of full months that the credit plan has
been in existence.
''(2) Other credit plans.--For purposes of this section, in
calculating the fee and interest rate, the Bureau shall require
the method of calculation of annual percentage rate specified
in section 107(a)(1), except that the amount referred to in
that section 107(a)(1) as the 'finance charge' shall include
all fees, charges, and payments described in subsection (b)(1)
of this section.
''(3) Adjustments authorized.--The Bureau may make
adjustments to the calculations in paragraphs (1) and (2), if
the primary goal of such adjustment is to protect consumers and
to prevent circumvention of the 36-percent fee and interest
rate limitation established under subsection (a).
''(d) Definition of Creditor.--As used in this section, the term
'creditor' has the same meaning as in section 702(e) of the Equal
Credit Opportunity Act (15 U.S.C. 1691a(e)).
''(e) No Exemptions Permitted.--The exemption authority of the
Bureau under section 105 shall not apply to this section or to the
disclosure requirements under section 127(b)(6).
''(f) Disclosure of Fee and Interest Rate for Credit Other Than
Open End Credit Plans.--In addition to the disclosure requirements
under section 127(b)(6), the Bureau may prescribe regulations requiring
disclosure of the fee and interest rate established under this section.
''(g) Relation to State Law.--Nothing in this section may be
construed to preempt any provision of State law that provides greater
protection to consumers than is provided in this section.
''(h) Civil Liability and Enforcement.--In addition to remedies
available to the consumer under section 130(a), any payment
compensating a creditor or prospective creditor, to the extent that
such payment is a transaction made in violation of this section, shall
be null and void, and not enforceable by any party in any court or
alternative dispute resolution forum, and the creditor or any
subsequent holder of the obligation shall promptly return to the
consumer any principal, interest, charges, and fees, and any security
interest associated with such transaction. Notwithstanding any statute
of limitations or repose, a violation of this section may be raised as
a matter of defense by recoupment or setoff to an action to collect
such debt or repossess related security at any time.
''(i) Violations.--Any person that violates this section, or seeks
to enforce an agreement made in violation of this section, shall be
subject to, for each such violation, 1 year in prison and a fine in an
amount equal to the greater of--
''(1) 3 times the amount of the total accrued debt
associated with the subject transaction; or
''(2) $50,000.
''(j) State Attorneys General.--An action to enforce this section
may be brought by the appropriate State attorney general in any United
States district court or any other court of competent jurisdiction
within 3 years from the date of the violation, and such attorney
general may obtain injunctive relief.''.

SEC. 4. DISCLOSURE OF FEE AND INTEREST RATE FOR OPEN END CREDIT PLANS.

Section 127(b)(6) of the Truth in Lending Act (15 U.S.C.
1637(b)(6)) is amended by striking ''the total finance charge
expressed'' and all that follows through the end of the paragraph and
inserting ''the fee and interest rate, displayed as 'FAIR', established
under section 140B.''.
Output:
Protecting Consumers from Unreasonable Credit Rates Act of 2017 This bill amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (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).