US Congress House Bill 4018 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 16-8-1)
Status: Introduced on November 16 2015 - 25% progression, died in committee
Action: 2015-11-16 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Consumer Protection and Choice Act This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act. A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption. If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state. Such a state law must: require a provider to be licensed by the state; establish a transaction database; require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction; require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled; require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours; require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency. The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.

Consumer Protection and Choice Act

Rep. Dennis Ross [R-FL]	Rep. Patrick Murphy [D-FL]	Rep. Carlos Curbelo [R-FL]	Rep. Alcee Hastings [D-FL]
Rep. Corrine Brown [D-FL]	Rep. Bill Posey [R-FL]	Rep. Mario Diaz-Balart [R-FL]	Sen. Marsha Blackburn [R-TN]
Rep. Scott Tipton [R-CO]	Rep. David Jolly [R-FL]	Rep. Debbie Wasserman Schultz [D-FL]	Rep. Joseph Heck [R-NV]
Rep. Austin Scott [R-GA]	Rep. Steve Chabot [R-OH]	Rep. Brad Wenstrup [R-OH]	Rep. Trent Kelly [R-MS]
Rep. Jeff Miller [R-FL]	Rep. Thomas Rooney [R-FL]	Rep. Robert Pittenger [R-NC]	Rep. David Scott [D-GA]
Rep. Lois Frankel [D-FL]	Sen. Kyrsten Sinema [I-AZ]	Rep. Mia Love [R-UT]	Rep. Henry Cuellar [D-TX]
Rep. Kathy Castor [D-FL]

Date	Chamber	Action
2015-11-16	House	Referred to the House Committee on Financial Services.
2015-11-16	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4018/all-info
Text	https://www.congress.gov/114/bills/hr4018/BILLS-114hr4018ih.pdf