United States 117th Congress Status: In Committee 1 D cosponsors

HR 5974 — Veterans and Consumers Fair Credit Act

Last action — Referred to the House Committee on Financial Services.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Veterans and Consumers Fair Credit Act This bill applies certain military consumer credit protections to all consumers. Specifically, the bill caps the interest rate on extensions of consumer credit at 36%.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill extends consumer credit protections similar to those for Armed Forces members to all consumers under the Truth in Lending Act.

  • 15 U.S.C. 1631

    Sec. 140B. Limitations on consumer credit and maximum rates of interest (a) Application of the Military Lending Act.-- (1) In general.--Except as provided in paragraph (2), section 987(b) of title 10, United States Code (commonly referred to as the 'Military Lending Act'), shall apply to a creditor who extends consumer credit to a consumer to the same extent as such section applies to a creditor who extends consumer credit to a covered member or a dependent with respect to a covered member (as those terms are defined in such section 987). (2) Exceptions.--Paragraph (1) shall not apply to-- (A) a residential mortgage; (B) a loan procured in the course of purchasing a car, when that loan is offered for the express purpose of financing the purchase and is secured by the car procured; or (C) a loan made by a Federal credit union, as that term is defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752), subject to the usury limit provided under section 107(5)(A) of the Federal Credit Union Act (12 U.S.C. 1757(5)(A)), as implemented by the National Credit Union Administration Board.

    This introduces new regulations regarding consumer credit, aligning them with the Military Lending Act for broader consumer protection.

  • 15 U.S.C. 1631

    Sec. 140B(b) No Exemptions Permitted.--The exemption authority of the Bureau under section 105(f) shall not apply with respect to this section.

    This restricts the Bureau's ability to exempt certain creditors from the new consumer credit protections.

  • 15 U.S.C. 1631

    Sec. 140B(c) Calculation of the Annual Percentage Rate for Open-End Credit.-- (1) In general.--For purposes of this section, the annual percentage rate applicable to an open end credit plan shall be calculated under section 107(a)(2), subject to adjustments to the amount considered a finance charge, as provided in the rules issued by the Secretary of Defense on July 22, 2015, to carry out section 987 of title 10, United States Code.

    This standardizes how the annual percentage rate for open-end credit plans is calculated.

  • 15 U.S.C. 1631

    Sec. 140B(f) Preservation of State Enforcement.-- (1) State attorneys general.--Not later than 3 years after the date on which a violation of this section occurs, the attorney general of a State (or an equivalent official) may bring a civil action in the name of that State-- (A) in any district court of the United States that is located in that State or in a State court that is located in that State and that has jurisdiction over the defendant; and (B) to-- (i) enforce provisions of this section or rules issued under this section; and (ii) secure remedies under provisions of this section or remedies otherwise provided under other law.

    This provision allows state attorneys general to enforce the new consumer credit protections.

  • 15 U.S.C. 1631

    Sec. 140B(g) Regulations.-- (1) In general.--Notwithstanding section 1027(o) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517(o)), not later than 1 year after the date of enactment of this section, the Bureau, in consultation with the Secretary of Defense, shall-- (A) issue rules carrying out this section; and (B) notify Congress and the public, including on the website of the Bureau, regarding the issuance of the rules required under subparagraph (A).

    This mandates the Bureau to issue rules implementing the new consumer credit provisions within a specified timeframe.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance veterans
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Frequently asked questions

What does HR 5974 do?
Veterans and Consumers Fair Credit Act This bill applies certain military consumer credit protections to all consumers. Specifically, the bill caps the interest rate on extensions of consumer credit at 36%.
Who sponsors HR 5974?
HR 5974 is sponsored by García, Jesús G. "Chuy" (Democratic).
What is the current status of HR 5974?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 5974?
Track HR 5974 free on One Click Politics — get push/email alerts when it moves.

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