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1308 Fairview Ave., Berwick, PA 18603

Andrew M. Shecktor, Author EMAIL - petition@consumersrevenge.com

Whereas the monetary system is a federally regulated entity, and whereas the prime lending interest rate is controlled by the federal government, and the overall monetary supply is controlled and regulated by the federal government, and whereas the minimally regulated banking and lending industry lending interest rates have soared out of control; therefore, we, the undersigned, demand immediate federal regulation of the consumer and commercial credit industry. This regulation should consist of the immediate enacting of legislation similar to the Federal Uniform Consumer Credit Code as a federal regulation by which all states shall be bound. In addition, limits shall be added to this legislation as specified below:

1. Consumer and commercial credit should not be differentiated when basing lending interest rates and fees. Interest rates shall be based solely upon the borrowers current and past financial status and their current and future ability to repay the debt.
2. Interest rates on static and revolving credit and any type of consumer or commercial loan shall not exceed the current prime rate plus ten percent.
3. Late payment fees on consumer loans and revolving credit accounts shall not exceed the interest rate for that month, and at no time shall the yearly interest rate + late fees exceed the equivalent of an annual interest rate of prime plus 15 percent.
4. Over limit fees shall be abolished (typically it is the lending institution loaning the borrower the finance charge or late fee money that causes the borrower to go over limit in the first place.)
5. There shall be a mandatory minimum twenty day grace period from the billing due date for any loan. During this time period any payment made shall be considered on time, and no additional fees or finance charges may be applied.
6. Application fees for revolving credit and consumer loans shall be prohibited.
7. Annual fees or membership fees shall be limited to a maximum of fifty dollars based on 1999 monetary value. This limit shall be determined at any time by the current monetary value.
8. No other fees or charges of any kind shall be permitted other than those specified above for any consumer loan or revolving credit account.
9. All lending agencies shall notify the borrower in writing of any changes to the status of their account, including but not limited to; interest rate changes, credit limit changes and changes to the loan contract. The borrower shall always have the right to refuse these changes provided they notify the lender within 30 days of receiving such notification. Upon refusal and assuming no further activity on the account, the lender may not change the terms of the contract.
10. There shall be an arbitration procedure put in place through which a lender or borrower can negotiate consumer and commercial credit problems.
11. There shall be no "grandfathering" upon enactment of any legislation based on this petition. All loans in existence prior to any legislation enactment shall be bound by new rulings.