H.R. 2697 · 115th Congress
Transparency in Military Lending Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KildeeSponsorNo cosponsors.
This bill requires a creditor to provide to a member of the Armed Forces on active regular, reserve, or National Guard duty or such member's dependent, with respect to any extension of consumer credit, and to obtain the member's or dependent's signed acknowledgement of: (1) a statement that the Department of Defense (DOD) and each service branch offers a…
What it does: CRS summary · Introduced in House · May 25, 2017
Transparency in Military Lending Act of 2017
This bill requires a creditor to provide to a member of the Armed Forces on active regular, reserve, or National Guard duty or such member's dependent, with respect to any extension of consumer credit, and to obtain the member's or dependent's signed acknowledgement of: (1) a statement that the Department of Defense (DOD) and each service branch offers a variety of financial counseling services; (2) a statement that other, potentially lower interest rate loans may be available through other financial institutions and military relief societies; (3) contact information for the nearest DOD financial counseling office; and (4) a statement of the actual cost of the extension of credit when paid off at different points over time.
DOD shall prepare a list of DOD financial counseling offices and make such list available to creditors and the public.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Transparency in Military Lending Act of 2017
Latest action (Jun 16, 2017): Referred to the Subcommittee on Military Personnel.
Policy area: Armed Forces and National Security · Origin: House · Introduced: May 25, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.