Military Consumer Protection Act

Bill: 114-s-1565
Sponsor: full_name: Sen. Reed, Jack [D-RI]
Introduced: 2015-06-11
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Consumer credit

Contracts and agency

Financial services and investments

Housing finance and home ownership

Interest, dividends, interest rates

Lease and rental services

Military personnel and dependents

Motor vehicles

Telephone and wireless communication
Latest action: action_date: 2015-06-11
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-06-11
action_desc: Introduced in Senate
text: <p><strong>Military Consumer Protection Act</strong></p> <p>This bill amends the Consumer Financial Protection Act to extend Consumer Financial Protection Bureau oversight and protection to provisions under the Servicemembers Civil Relief Act concerning: </p> <ul> <li>future financial transactions, excluding insurance;</li> <li>default judgments, excluding child custody proceedings; </li> <li>interest rates on pre-service debts; </li> <li>evictions; </li> <li>purchase or lease installment contracts;</li> <li>mortgages and trusts; </li> <li>motor vehicle leases; </li> <li>telephone service contracts; and </li> <li>waiver of rights pursuant to a written agreement, excluding bailments.</li></ul>

tv_txt: II 114th CONGRESS 1st Session S. 1565 IN THE SENATE OF THE UNITED STATES June 11, 2015 Mr. Reed (for himself, Mr. Schumer , Mr. Menendez , Mr. Warner , Mr. Merkley , Ms. Warren , Mr. Blumenthal , Mr. Franken , Mr. Durbin , Mr. Kaine , and Ms. Hirono ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To allow the Bureau of Consumer Financial Protection to provide greater protection to servicemembers.

1. Short title This Act may be cited as the Military Consumer Protection Act . 2. Bureau of Consumer Financial Protection Section 1002(12) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481(12) ) is amended— (1) in subparagraph (Q), by striking ; and and inserting a semicolon; (2) in subparagraph (R), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (S) sections 101, 107 (except with respect to bailments), 108 (except with respect to insurance), 201 (except with respect to child custody proceedings), 207, 301, 302, 303, 305, and 305A of the Servicemembers Civil Relief Act ( 50 U.S.C. App. 511 , 517, 518, 521, 527, 531, 532, 533, 535, and 535a). .