Protecting Consumers from Unreasonable Credit Rates Act of 2023

This bill establishes a federal 36% annual cap on interest rates and all associated fees for most consumer loans, directly affecting borrowers of payday, car title, overdraft, and online installment loans. It defines "fee and interest rate" to include all charges - such as late fees, overdraft fees, and credit insurance - preventing lenders from circumventing the cap through hidden fees. Lenders must disclose this rate as "FAIR" on loan documents, replacing the previous finance charge disclosure. The cap applies broadly but allows limited exceptions for small application fees or state-authorized fees under specific conditions. State laws offering stronger protections remain in effect.