Empowering States' Rights To Protect Consumers Act of 2023

II 118TH CONGRESS 1ST SESSION S. 1934 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 JUNE 13, 2023 Mr. WHITEHOUSE (for himself, Mr. REED, Ms. WARREN, Mr. SANDERS, and Mr. MERKLEY) 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 2023’’. 5 SEC. 2. LIMITS ON ANNUAL PERCENTAGE RATES. 6 (a) IN GENERAL.—Chapter 2 of the Truth in Lend- 7 ing Act (15 U.S.C. 1631 et seq.) is amended by adding 8 at the end the following: 9 VerDate Sep 11 2014 06:43 Jul 06, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1934.IS S1934 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •S 1934 IS ‘‘SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES. 1 ‘‘Notwithstanding any other provision of law, the an- 2 nual percentage rate applicable to any consumer credit 3 transaction (other than a residential mortgage trans- 4 action), including any fees associated with such a trans- 5 action, may not exceed the maximum rate permitted by 6 the laws of the State in which the consumer resides.’’. 7 (b) TECHNICAL AND CONFORMING AMENDMENT.— 8 The table of contents for chapter 2 of the Truth in Lend- 9 ing Act is amended by adding at the end the following: 10 ‘‘140B. Limits on annual percentage rates.’’. Æ VerDate Sep 11 2014 06:43 Jul 06, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1934.IS S1934 pbinns on DSKJLVW7X2PROD with $$_JOB