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H.R. 5724 (114th): Protecting Consumers’ Access to Credit Act of 2016

The text of the bill below is as of Jul 11, 2016 (Introduced).


I

114th CONGRESS

2d Session

H. R. 5724

IN THE HOUSE OF REPRESENTATIVES

July 11, 2016

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Revised Statutes of the United States and the Federal Deposit Insurance Act to require the rate of interest on certain loans remain unchanged after transfer of the loan, and for other purposes.

1.

Short title

This Act may be cited as the Protecting Consumers’ Access to Credit Act of 2016.

2.

Rate of interest after transfer of loan

(a)

Amendment to the Revised Statutes

Section 5197 of the Revised Statutes of the United States (12 U.S.C. 85) is amended by adding at the end the following new sentence: A loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party..

(b)

Amendment to the Federal Deposit Insurance Act

Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. 1831d(a)) is amended by adding at the end the following new sentence: A loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party..