,,ii #aafth ,,congress #b;d ,session ,s4 #cefj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bb1 #bjbj,mr4 ,van ,hollen 7for himself and ,mr4 ,brown7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,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 #aj1 ,united ,states ,code1 to all consumers4 #a4 ,short title ,this ,act may be cited as the ,small ,business and ,consumer ,emergency ,credit ,act4 #b4 ,limitations on consumer credit and maximum rates of interest 7a7 ,in general ,chapter #b of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afca et seq47 is amended by adding at the end the following3 #adj;,b4 ,limitations on consumer1 small business1 and nonprofit maximum rates of interest during national emergencies 7a7 ,definitions ,in this section1 the term consumer credit includes consumer credit and credit extended to-- 7#a7 an organization that is described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code2 and 7#b7 a small business concern1 as defined in section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7b7 ,application of the ,military ,lending ,act 7#a7 ,coronavirus disease #bjai 7,,covid-#ai7 national emergency ,the annual percentage rate of interest described in section #ihg7;b7 of title #aj1 ,united ,states ,code 7commonly referred to as the ,military ,lending ,act71 shall be applicable under this section for any extension of consumer credit made during the period beginning #a day after the date of enactment of this section and ending on the date on which the national emergency declared by the ,president under the ,national ,emergencies ,act 7#ej ,u4,s4,c4 #afja et seq47 with respect to the coronavirus disease #bjai 7,,covid-#ai7 terminates4 7#b7 ,exceptions ,paragraph 7#a7 shall not apply to credit extended by a ,federal credit union1 as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb71 subject to the limitation on rate of interest described in section #ajg7e77;,a77vi7 of that ,act 7#ab ,u4,s4,c4 #ageg7e77;,a77vi771 as implemented by the ,national ,credit ,union ,administration ,board1 or to a ,state credit union that complies with that limitation4 7c7 ,no exemptions permitted ,the exemption authority of the ,bureau under section #aje7;f7 shall not apply with respect to this section4 7d7 ,calculation of the annual percentage rate for open end credit 7#a7 ,in general ,for purposes of this section1 the annual percentage rate applicable to an open end credit plan shall be calculated under section #ajg7;a77#b71 subject to adjustments to the amount considered a finance charge1 as provided in the rules issued by the ,secretary of ,defense on ,july #bb1 #bjae1 to carry out section #ihg of title #aj1 ,united ,states ,code4 7#b7 ,exception to finance charge calculation 7,a7 ,in general ,notwithstanding paragraph 7#a71 for consumer credit extended in a credit card account under an open end consumer credit plan1 a bona fide fee other than a periodic rate is not a charge required to be included within the finance charge for purposes of this section if the fee1 including any fee charged before the account is opened or during the #a-year period beginning on the date on which the account is opened1 is assessed in compliance with section #abg7n74 7,b7 ,limitation ,subparagraph 7,a7 shall not apply to-- 7i7 any credit insurance premium or fee1 including any charge for single premium credit insurance1 any fee for a debt cancellation contract1 or any fee for a debt suspension agreement2 or 7ii7 any fee for a credit-related ancillary product sold in connection with the credit card account under an open end consumer credit plan4 7e7 ,calculation of the annual percentage rate for closed-,end credit ,for purposes of this section1 the annual percentage rate applicable to credit not under an open end credit plan shall be calculated under section #ajg7;a77#a71 subject to adjustments to the amount considered a finance charge1 as provided in the rules issued by the ,secretary of ,defense on ,july #bb1 #bjae1 to carry out section #ihg of title #aj1 ,united ,states ,code4 7f7 ,relation to ,state law ,nothing in this section may be construed to preempt any provision of ,state law that provides greater protection to consumers than is provided under this section4 7g7 ,penalties and remedies ,in addition to the penalties and remedies in this ,act1 section #ihg7;f7 of title #aj1 ,united ,states ,code1 shall apply to a creditor who extends consumer credit to a consumer in violation of this section to the same extent as such section #ihg7;f7 applies to a creditor who extends consumer credit to a covered member or a dependent with respect to a covered member 7as those terms are defined in such section #ihg74 7h7 ,preservation of ,state enforcement 7#a7 ,state attorneys general ,not later than #c years after the date on which a violation of this section occurs1 the attorney general of a ,state 7or an equivalent official7 may bring a civil action in the name of that ,state-- 7,a7 in any district court of the ,united ,states that is located in that ,state or in a ,state court that is located in that ,state and that has jurisdiction over the defendant2 and 7,b7 to-- 7i7 enforce provisions of this section or rules issued under this section2 and 7ii7 secure remedies under provisions of this section or remedies otherwise provided under other law4 7#b7 ,state regulators ,not later than #c years after the date on which a violation of this section occurs1 a ,state regulator may bring a civil action or initiate another appropriate proceeding to-- 7,a7 enforce the provisions of this section or regulations issued under this section with respect to any entity that is1 or is required to be1 ,state-chartered1 incorporated1 licensed1 or otherwise authorized to do business under ,state law2 and 7,b7 secure remedies under provisions of this section or remedies otherwise provided under other provisions of law with respect to an entity described in subparagraph 7,a74 7#c7 ,notice requirement2 additional regulations ,subsections 7b71 7c71 and 7d7 of section #ajdb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeeb71 shall apply to a civil action or other appropriate proceeding brought or initiated under paragraph 7#a7 or 7#b7 to the same extent as those subsections apply to actions and other administrative and regulatory proceedings described in subsection 7a7 of such section #ajdb4 4 7b7 ,clerical amendment ,the table of contents for chapter #b of the ,truth in ,lending ,act is amended by adding at the end the following3 #adj;,b4 ,limitations on consumer1 small business1 and nonprofit maximum rates of interest during national emergencies4 4