H.R. 5689 · 111th Congress
Predatory Lending Sunset Act
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GiffordsSponsor4 cosponsors · 4 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Predatory Lending Sunset Act - Amends the Truth in Lending Act to limit the maximum interest rate which a creditor may charge on a covered consumer credit loan of up to $3,000 to an annual percentage rate (APR) of 36%.
What it does: CRS summary · Introduced in House · Jul 1, 2010
Predatory Lending Sunset Act - Amends the Truth in Lending Act to limit the maximum interest rate which a creditor may charge on a covered consumer credit loan of up to $3,000 to an annual percentage rate (APR) of 36%.
Prohibits a creditor from extending a covered loan with respect to which the creditor uses as security either: (1) access to a borrower's financial account; or (2) the title of a vehicle.
Amends the Electronic Fund Transfer Act to prohibit a remotely created check that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied by the person from whose account the check is to be paid.
Declares unenforceable, with respect to any consumer, any contract made in violation of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Predatory Lending Sunset Act
Latest action (Jul 1, 2010): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 1, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.