Servicemembers Anti-Predatory Lending Protection Act

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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R GravesSponsor

75 cosponsors · 41 D, 34 R

0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Servicemembers Anti-Predatory Lending Protection Act - Amends the Servicemembers Civil Relief Act to set forth terms for consumer credit extended to a servicemember or servicemember's dependent, including terms of interest with respect to the extension of such credit.

What it does: CRS summary · Introduced in House · Jan 4, 2005

Prohibits a creditor from imposing an annual percentage rate greater than 36 percent with respect to the consumer credit extended.

Sets forth mandatory loan disclosures, including: (1) a statement of the annual percentage rate applicable to the extension of credit; and (2) a clear description of the payment obligations.

Prohibits a creditor from automatically renewing, repaying, refinancing, or consolidating any consumer credit with the proceeds of other credit extended to a servicemember or a servicemember's dependent by the same creditor without: (1) executing new loan documentation signed by the servicemember; and (2) providing the mandatory loan disclosures.

Preempts any State or Federal law, rule, or regulation, including any State usury law, to the extent that it is inconsistent with this Act. States that this Act does not preempt any such law, rule, or regulation that provides additional protection.

Prescribes criminal penalties for violation of this Act.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Servicemembers Anti-Predatory Lending Protection Act

Latest action (Apr 4, 2005): Referred to the Subcommittee on Economic Opportunity.

Policy area: Armed Forces and National Security · Origin: House · Introduced: Jan 4, 2005

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.