H.R. 4018 · 114th Congress
Consumer Protection and Choice Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RossSponsor24 cosponsors · 9 D, 15 R
D
Brown
CC
R
Curbelo
AH
D
Hastings
PM
D
Murphy
BP
R
Posey
MB
R
Blackburn
MD
R
Diaz-Balart
DJ
R
Jolly
ST
R
Tipton
DW
D
Wasserman Schultz
JH
R
Heck
SC
R
Chabot
TK
R
Kelly
AS
R
Scott
BW
R
Wenstrup
JM
R
Miller
RP
R
Pittenger
TR
R
Rooney
DS
D
Scott
LF
D
Frankel
KS
D
Sinema
ML
R
Love
HC
D
Cuellar
KC
D
Castor5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act.
What it does: CRS summary · Introduced in House · Nov 16, 2015
Consumer Protection and Choice Act
This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act.
A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption.
If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state.
Such a state law must:
- require a provider to be licensed by the state;
- establish a transaction database;
- require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction;
- require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled;
- require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours;
- require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and
- allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency.
The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Consumer Protection and Choice Act
Latest action (Nov 16, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 16, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.