HR3299: Protecting Consumers’ Access to Credit Act of 2017

By | April 11, 2018
The Seal of the US Department of Treasury

The Seal of the US Department of Treasury.

Requires that the maximum interest allowable on bank loans may not increase if a bank subsequently sells the loan to another party.

Official Summary

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.

Passed House
2018-02-14
Passed Senate
Signed by President
Became Public Law

Amendments

None.

Sponsors

Original sponsor: Rep. McHenry, Patrick T. [R-NC-10]

Cosponsors: Rep. Meeks, Gregory W. [D-NY-5], Rep. Moore, Gwen [D-WI-4], Rep. Hollingsworth, Trey [R-IN-9]

Votes

Passed House: http://clerk.house.gov/evs/2018/roll078.xml

Related bill: S1642 (Related bill; has not passed Senate)

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