Know Your Rates Act

# Know Your Rates Act (HR 1412) - Summary **What the Bill Would Do:** The Know Your Rates Act requires financial institutions to clearly disclose interest rates and fees to consumers upfront, before they commit to financial products like loans or credit cards. The bill aims to ensure that borrowers fully understand the actual cost of borrowing before signing agreements, making it easier to compare rates across different lenders. **Who It Affects:** This bill would primarily impact consumers seeking loans, credit cards, mortgages, and other financial products. It would also affect banks, credit unions, and other lenders who would need to update their disclosure practices to comply with the new requirements. **Current Status:** The bill is currently in committee, meaning it has been introduced but hasn't yet been voted on by the full House.

It was introduced by Representative Josh Gottheimer (D-NJ) in the 119th Congress. The bill has not advanced to a vote or passed at this time. *Note: The bill's specific detailed provisions aren't publicly available in the information provided, so this summary covers the general intent based on the title.*.