A bill to amend the Truth in Lending Act to extend the consumer credit protections provided to members of the Armed Forces and their dependents under title 10, United States Code, to all consumers.
About This Bill
Committee
Latest Action · May 12, 2020
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Small Business and Consumer Emergency Credit Act
This bill applies certain military consumer credit protections to all consumers, tax-exempt charitable organizations, and small businesses for credit extended during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Specifically, the bill caps the interest rate on an extension of consumer credit at 36%.
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