Bill
HR 1412
Overview: HR 1412, the Know Your Rates Act, was introduced in the House on May 27, 2025.Purpose and Intent: The bill aims to increase transparency in the financial services industr
Overview: HR 1412, the Know Your Rates Act, was introduced in the House on May 27, 2025.
Purpose and Intent: The bill aims to increase transparency in the financial services industry by requiring lenders to provide clear and concise information about the interest rates and fees associated with their products.
Key Provisions:
- Mandates that lenders disclose the annual percentage rate (APR) and all applicable fees upfront, before a consumer applies for a loan
- Requires lenders to provide a standardized, easy-to-understand disclosure form that highlights the total cost of the loan
- Establishes penalties for lenders who fail to comply with the disclosure requirements
Affected Parties and Impacts: The bill would primarily benefit consumers by empowering them to make more informed decisions about financial products and services. Lenders would be required to be more transparent in their pricing, which could impact their business practices and profitability.
Procedural and Timeline Considerations: The Know Your Rates Act has been introduced in the House and is currently awaiting further action, such as committee hearings and a potential vote.
Compiled from official sources — confirm details with the bill’s official record.
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