,,ii #aaf? ,,congress #a/ ,session ,s4 #abcj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #bi1 #bjai,mr4 ,durb9 7= himself1 ,mr4 ,m]kley1 ,mr4 ,blum5?al1 & ,mr4 ,:iteh\se7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,tru? 9 ,l5d+ ,act to e/abli% a national usury rate = consum] cr$it transactions4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect+ ,consum]s f ,unreasonable ,cr$it ,rates ,act ( #bjai4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 attempts h be5 made to prohibit usuri\s int]e/ rates 9 ,am]ica s9ce colonial times2 7#b7 at ! ,f$]al level1 9 #bjjf1 ,congress enact$ a ,f$]al #cf-p]c5t annualiz$ usury cap = s]vicememb]s & _! families = cov]$ cr$it products1 z def9$ by ! ,dep>tm5t ( ,def5se1 :i* curb$ payday1 c> title1 & tax refund l5d+ ar\nd milit>y bases2 7#c7 not)/&+ su* attempts to curb pr$atory l5d+1 high-co/ l5d+ p]si/s 9 all #ej ,/ates due to loopholes 9 ,/ate laws1 safe h>bor laws = specific =ms ( cr$it1 & ! exportation ( unregulat$ int]e/ rates p]mitt$ by preemption2 7#d7 due to ! lack ( a compreh5sive ,f$]al usury cap1 consum]s annually pay approximately #ad1jjj1jjj1jjj on high-co/ ov]draft loans1 z mu* z approximately #g1jjj1jjj1jjj on /orefront & onl9e payday loans1 #c1hjj1jjj1jjj on c> title loans1 & additional am\nts 9 unreport$ rev5ues on high-co/ onl9e in/allm5t loans2 7#e7 ca%-/rapp$ consum]s pay on av]age approximately #djj-p]c5t annual int]e/ = payday loans1 #cjj-p]c5t annual int]e/ = c> title loans1 up to #ag1jjj p]c5t or high] = bank ov]draft loans1 & triple-digit rates = onl9e in/allm5t loans2 7#f7 a national maximum int]e/ rate t includes all =ms ( fees & closes all loopholes is necess>y to elim9ate su* pr$atory l5d+2 & 7#g7 alt]natives to pr$atory l5d+ t enc\rage small doll> loans ) m9imal or no fees1 in/allm5t paym5t s*$ules1 & af=dable repaym5t p]iods %\ld be enc\rag$4 #c4 ,national maximum int]e/ rate ,*apt] #b ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afca et seq47 is am5d$ by add+ at ! end ! foll[+3 #adj;,b4 ,maximum rates ( int]e/ 7a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 no cr$itor may make an ext5sion ( cr$it to a consum] ) respect to :i* ! fee & int]e/ rate1 z def9$ 9 subsection 7b71 exce$s #cf p]c5t4 7b7 ,fee & int]e/ rate def9$ 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! fee & int]e/ rate includes all *>ges payable1 directly or indirectly1 incid5t to1 ancill>y to1 or z a condition ( ! ext5sion ( cr$it1 includ+-- 7,a7 any paym5t comp5sat+ a cr$itor or prospective cr$itor =-- 7i7 an ext5sion ( cr$it or mak+ available a l9e ( cr$it1 su* z fees connect$ ) cr$it ext5sion or availability su* z num]ical p]iodic rates1 annual fees1 ca% advance fees1 & memb]%ip fees2 or 7ii7 any fees = default or brea* by a borr[] ( a condition ^u :i* cr$it 0 ext5d$1 su* z late fees1 cr$itor-impos$ n suffici5t funds fees *>g$ :5 a borr[] t5d]s paym5t on a debt ) a *eck drawn on insuffici5t funds1 ov]draft fees1 & ov] limit fees2 7,b7 all fees :i* con/itute a f9ance *>ge1 z def9$ by rules ( ! ,bureau 9 accordance ) ?is title2 7,c7 cr$it insurance premiums1 :e!r optional or requir$2 & 7,d7 all *>ges & co/s = ancill>y products sold 9 connection ) or incid5tal to ! cr$it transaction4 7#b7 ,tol]ances 7,a7 ,9 g5]al ,) respect to a cr$it obligation t is payable 9 at lea/ #c fully amortiz+ in/allm5ts ov] at lea/ #ij days1 ! t]m fee & int]e/ rate does n include-- 7i7 application or p>ticipation fees t 9 total d n exce$ ! great] ( #cj or1 if !re is a limit to ! cr$it l9e1 #e p]c5t ( ! cr$it limit1 up to #abj1 if-- 7,i7 su* fees are excludable f ! f9ance *>ge pursuant to section #ajf & regulations issu$ !reund]2 7,,ii7 su* fees cov] all cr$it ext5d$ or r5ew$ by ! cr$itor = #ab mon?s2 & 7,,iii7 ! m9imum am\nt ( cr$it ext5d$ or available on a cr$it l9e is equal to #cjj or m2 7ii7 a late fee *>g$ z au?oriz$ by ,/ate law & by ! agreem5t t does n exce$ ei!r #bj p] late paym5t or #bj p] mon?2 or 7iii7 a cr$itor-impos$ n suffici5t funds fee *>g$ :5 a borr[] t5d]s paym5t on a debt ) a *eck drawn on insuffici5t funds t does n exce$ #ae4 7,b7 ,adju/m5ts = inflation ,! ,bureau may adju/ ! am\nts ( ! tol]ances e/abli%$ "u ?is p>agraph = inflation ov] "t1 consi/5t ) ! prim>y goals ( protect+ consum]s & ensur+ t ! #cf-p]c5t fee & int]e/ rate limitation is n circumv5t$4 7c7 ,calculations 7#a7 ,op5 end cr$it plans ,= an op5 end cr$it plan-- 7,a7 ! fee & int]e/ rate %all be calculat$ ea* mon?1 bas$ ^u ! sum ( all fees & f9ance *>ges describ$ 9 subsection 7b7 *>g$ by ! cr$itor dur+ ! prec$+ #a-ye> p]iod1 divid$ by ! av]age daily balance2 & 7,b7 if ! cr$it acc\nt has be5 op5 less ?an #a ye>1 ! fee & int]e/ rate %all be calculat$ bas$ ^u ! total ( all fees & f9ance *>ges describ$ 9 subsection 7b77#a7 *>g$ by ! cr$itor s9ce ! plan 0 op5$1 divid$ by ! av]age daily balance1 & multipli$ by ! quoti5t ( #ab divid$ by ! numb] ( full mon?s t ! cr$it plan has be5 9 exi/5ce4 7#b7 ,o!r cr$it plans ,= purposes ( ?is section1 9 calculat+ ! fee & int]e/ rate1 ! ,bureau %all require ! me?od ( calculation ( annual p]c5tage rate specifi$ 9 section #ajg7;a77#a71 except t ! am\nt ref]r$ to 9 t section #ajg7;a77#a7 z ! f9ance *>ge %all include all fees1 *>ges1 & paym5ts describ$ 9 subsection 7b77#a7 ( ?is section4 7#c7 ,adju/m5ts au?oriz$ ,! ,bureau may make adju/m5ts to ! calculations 9 p>agraphs 7#a7 & 7#b71 b ! prim>y goals ( su* adju/m5t %all be to protect consum]s & to ensure t ! #cf-p]c5t fee & int]e/ rate limitation is n circumv5t$4 7d7 ,def9ition ( cr$itor ,z us$ 9 ?is section1 ! t]m cr$itor has ! same mean+ z 9 section #gjb7;e7 ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia;a7e774 7e7 ,no exemptions p]mitt$ ,! exemption au?ority ( ! ,bureau "u section #aje %all n apply to ! rates e/abli%$ "u ?is section or ! disclosure requirem5ts "u section #abg7;b77#f74 7f7 ,disclosure ( fee & int]e/ rate = cr$it o!r ?an op5 end cr$it plans ,9 addition to ! disclosure requirem5ts "u section #abg7;b77#f71 ! ,bureau may prescribe regulations requir+ disclosure ( ! fee & int]e/ rate e/abli%$ "u ?is section4 7g7 ,relation to ,/ate law ,no?+ 9 ?is section may be con/ru$ to preempt any provision ( ,/ate law t provides great] protection to consum]s ?an is provid$ 9 ?is section4 7h7 ,civil liability & en=cem5t ,9 addition to rem$ies available to ! consum] "u section #acj7;a71 any paym5t comp5sat+ a cr$itor or prospective cr$itor1 to ! ext5t t su* paym5t is a transaction made 9 violation ( ?is section1 %all be null & void1 & n en=ceable by any p>ty 9 any c\rt or alt]native dispute resolution =um1 & ! cr$itor or any subsequ5t hold] ( ! obligation %all promptly return to ! consum] any pr9cipal1 int]e/1 *>ges1 & fees1 & any security int]e/ associat$ ) su* transaction4 ,not)/&+ any /atute ( limitations or repose1 a violation ( ?is section may be rais$ z a matt] ( def5se by rec\pm5t or set(f to an action to collect su* debt or repossess relat$ security at any "t4 7i7 ,violations ,any p]son t violates ?is section1 or seeks to en=ce an agreem5t made 9 violation ( ?is section1 %all be subject to1 = ea* su* violation1 #a ye> 9 prison & a f9e 9 an am\nt equal to ! great] (-- 7#a7 ?ree times ! am\nt ( ! total accru$ debt associat$ ) ! subject transaction2 or 7#b7 #ej1jjj4 7j7 ,/ate attorneys g5]al ,an action to en=ce ?is section may be br\ght by ! appropriate ,/ate attorney g5]al 9 any ,unit$ ,/ates di/rict c\rt or any o!r c\rt ( compet5t jurisdiction )9 #c ye>s f ! date ( ! violation1 & su* attorney g5]al may obta9 injunctive relief4 4 #d4 ,disclosure ( fee & int]e/ rate = op5 end cr$it plans ,section #abg7;b77#f7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afcg7;b77#f77 is am5d$ by /rik+ ! total f9ance *>ge express$ & all t foll[s ?r\gh ! end ( ! p>agraph & ins]t+ ! fee & int]e/ rate1 display$ z ,,fair1 e/abli%$ "u section #ada44