Requires that the maximum interest allowable on bank loans may not increase if a bank subsequently sells the loan to another party.
Protecting Consumers’ Access to Credit Act of 2017
This bill amends the Revised Statutes, the Home Owners’ Loan Act, the Federal Credit Union Act, 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.
Original sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Passed House: http://clerk.house.gov/evs/2018/roll078.xml
Related bill: S1642 (Related bill; has not passed Senate)