Empowering States' Rights To Protect Consumers Act of 2019

II 116TH CONGRESS 1ST SESSION S. 1006 To amend the Truth in Lending Act to empower the States to set the maximum annual percentage rates applicable to consumer credit trans- actions, and for other purposes. IN THE SENATE OF THE UNITED STATES APRIL 3, 2019 Mr. WHITEHOUSE (for himself, Mr. REED, Mr. MERKLEY, and Ms. WARREN) 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Empowering States’ 4 Rights To Protect Consumers Act of 2019’’. 5 SEC. 2. LIMITS ON ANNUAL PERCENTAGE RATES. 6 Chapter 2 of the Truth in Lending Act (15 U.S.C. 7 1631 et seq.) is amended by adding at the end the fol- 8 lowing: 9 VerDate Sep 11 2014 18:37 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1006.IS S1006 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 1006 IS ‘‘SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES. 1 ‘‘Notwithstanding any other provision of law, the an- 2 nual percentage rate applicable to any consumer credit 3 transaction (other than a residential mortgage trans- 4 action), including any fees associated with such a trans- 5 action, may not exceed the maximum rate permitted by 6 the laws of the State in which the consumer resides.’’. 7 Æ VerDate Sep 11 2014 18:37 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1006.IS S1006 pamtmann on DSKBFK8HB2PROD with BILLS