H.R. 5724 · 114th Congress
Protecting Consumers' Access to Credit Act of 2016
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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
McHenrySponsorNo cosponsors.
This bill amends the Revised Statutes and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party.
What it does: CRS summary · Introduced in House · Jul 11, 2016
Protecting Consumers' Access to Credit Act of 2016
This bill amends the Revised Statutes and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party. (Under these laws, interest may be charged on loans to customers at the greater of: (1) a rate not more than 1% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank for the district in which the lender is located, or (2) the highest rate allowed by the laws of the state in which the lender is located.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting Consumers' Access to Credit Act of 2016
Latest action (Jul 11, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 11, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.