Empowering States' Rights To Protect Consumers Act of 2022

Bill: 117-s-4072
Sponsor: full_name: Sen. Whitehouse, Sheldon [D-RI]
Introduced: 2022-04-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-04-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-04-07
action_desc: Introduced in Senate
text: <p><strong>Empowering States' Rights To Protect Consumers Act of </strong> <b>2022</b></p> <p> This bill limits the annual percentage rate applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4072 IN THE SENATE OF THE UNITED STATES April 7, 2022 Mr. Whitehouse (for himself, Mr. Reed , Ms. Warren , Mr. Merkley , and Mr. Sanders ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Truth in Lending Act to empower the States to set the maximum annual percentage rates applicable to consumer credit transactions, and for other purposes.

1. Short title This Act may be cited as the Empowering States' Rights To Protect Consumers Act of 2022 . 2. Limits on annual percentage rates Chapter 2 of the Truth in Lending Act ( 15 U.S.C. 1631 et seq. ) is amended by adding at the end the following: 140B. Limits on Annual Percentage Rates Notwithstanding any other provision of law, the annual percentage rate applicable to any consumer credit transaction (other than a residential mortgage transaction), including any fees associated with such a transaction, may not exceed the maximum rate permitted by the laws of the State in which the consumer resides. .