,,ii #aaf? ,,congress #b;d ,session ,s4 #cefj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #bb1 #bjbj,mr4 ,van ,holl5 7= himself & ,mr4 ,br[n7 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 ext5d ! consum] cr$it protections provid$ to memb]s ( ! ,arm$ ,=ces & _! dep5d5ts "u title #aj1 ,unit$ ,/ates ,code1 to all consum]s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,small ,bus9ess & ,consum] ,em]g5cy ,cr$it ,act4 #b4 ,limitations on consum] cr$it & maximum rates ( int]e/ 7a7 ,9 g5]al ,*apt] #b ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afca et seq47 is am5d$ by add+ at ! end ! foll[+3 #adj;,b4 ,limitations on consum]1 small bus9ess1 & nonpr(it maximum rates ( int]e/ dur+ national em]g5cies 7a7 ,def9itions ,9 ?is section1 ! t]m consum] cr$it includes consum] cr$it & cr$it ext5d$ to-- 7#a7 an organization t is describ$ 9 section #eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( su* ,code2 & 7#b7 a small bus9ess conc]n1 z def9$ 9 section #c ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74 7b7 ,application ( ! ,milit>y ,l5d+ ,act 7#a7 ,coronavirus disease #bjai 7,,covid-#ai7 national em]g5cy ,! annual p]c5tage rate ( int]e/ describ$ 9 section #ihg7;b7 ( title #aj1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,milit>y ,l5d+ ,act71 %all be applicable "u ?is section = any ext5sion ( consum] cr$it made dur+ ! p]iod beg9n+ #a day aft] ! date ( enactm5t ( ?is section & end+ on ! date on :i* ! national em]g5cy decl>$ by ! ,presid5t "u ! ,national ,em]g5cies ,act 7#ej ,u4,s4,c4 #afja et seq47 ) respect to ! coronavirus disease #bjai 7,,covid-#ai7 t]m9ates4 7#b7 ,exceptions ,p>agraph 7#a7 %all n apply to cr$it ext5d$ by a ,f$]al cr$it union1 z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb71 subject to ! limitation on rate ( int]e/ describ$ 9 section #ajg7e77;,a77vi7 ( t ,act 7#ab ,u4,s4,c4 #ageg7e77;,a77vi771 z implem5t$ by ! ,national ,cr$it ,union ,adm9i/ration ,bo>d1 or to a ,/ate cr$it union t complies ) t limitation4 7c7 ,no exemptions p]mitt$ ,! exemption au?ority ( ! ,bureau "u section #aje7;f7 %all n apply ) respect to ?is section4 7d7 ,calculation ( ! annual p]c5tage rate = op5 end cr$it 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! annual p]c5tage rate applicable to an op5 end cr$it plan %all be calculat$ "u section #ajg7;a77#b71 subject to adju/m5ts to ! am\nt consid]$ a f9ance *>ge1 z provid$ 9 ! rules issu$ by ! ,secret>y ( ,def5se on ,july #bb1 #bjae1 to c>ry out section #ihg ( title #aj1 ,unit$ ,/ates ,code4 7#b7 ,exception to f9ance *>ge calculation 7,a7 ,9 g5]al ,not)/&+ p>agraph 7#a71 = consum] cr$it ext5d$ 9 a cr$it c>d acc\nt "u an op5 end consum] cr$it plan1 a bona fide fee o!r ?an a p]iodic rate is n a *>ge requir$ to be includ$ )9 ! f9ance *>ge = purposes ( ?is section if ! fee1 includ+ any fee *>g$ be=e ! acc\nt is op5$ or dur+ ! #a-ye> p]iod beg9n+ on ! date on :i* ! acc\nt is op5$1 is assess$ 9 compliance ) section #abg7n74 7,b7 ,limitation ,subp>agraph 7,a7 %all n apply to-- 7i7 any cr$it insurance premium or fee1 includ+ any *>ge = s+le premium cr$it insurance1 any fee = a debt cancellation contract1 or any fee = a debt susp5sion agreem5t2 or 7ii7 any fee = a cr$it-relat$ ancill>y product sold 9 connection ) ! cr$it c>d acc\nt "u an op5 end consum] cr$it plan4 7e7 ,calculation ( ! annual p]c5tage rate = clos$-,end cr$it ,= purposes ( ?is section1 ! annual p]c5tage rate applicable to cr$it n "u an op5 end cr$it plan %all be calculat$ "u section #ajg7;a77#a71 subject to adju/m5ts to ! am\nt consid]$ a f9ance *>ge1 z provid$ 9 ! rules issu$ by ! ,secret>y ( ,def5se on ,july #bb1 #bjae1 to c>ry out section #ihg ( title #aj1 ,unit$ ,/ates ,code4 7f7 ,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$ "u ?is section4 7g7 ,p5alties & rem$ies ,9 addition to ! p5alties & rem$ies 9 ?is ,act1 section #ihg7;f7 ( title #aj1 ,unit$ ,/ates ,code1 %all apply to a cr$itor :o ext5ds consum] cr$it to a consum] 9 violation ( ?is section to ! same ext5t z su* section #ihg7;f7 applies to a cr$itor :o ext5ds consum] cr$it to a cov]$ memb] or a dep5d5t ) respect to a cov]$ memb] 7z ^? t]ms are def9$ 9 su* section #ihg74 7h7 ,pres]vation ( ,/ate en=cem5t 7#a7 ,/ate attorneys g5]al ,n lat] ?an #c ye>s aft] ! date on :i* a violation ( ?is section occurs1 ! attorney g5]al ( a ,/ate 7or an equival5t (ficial7 may br+ a civil action 9 ! "n ( t ,/ate-- 7,a7 9 any di/rict c\rt ( ! ,unit$ ,/ates t is locat$ 9 t ,/ate or 9 a ,/ate c\rt t is locat$ 9 t ,/ate & t has jurisdiction ov] ! def5dant2 & 7,b7 to-- 7i7 en=ce provisions ( ?is section or rules issu$ "u ?is section2 & 7ii7 secure rem$ies "u provisions ( ?is section or rem$ies o!rwise provid$ "u o!r law4 7#b7 ,/ate regulators ,n lat] ?an #c ye>s aft] ! date on :i* a violation ( ?is section occurs1 a ,/ate regulator may br+ a civil action or initiate ano!r appropriate proce$+ to-- 7,a7 en=ce ! provisions ( ?is section or regulations issu$ "u ?is section ) respect to any entity t is1 or is requir$ to be1 ,/ate-*>t]$1 incorporat$1 lic5s$1 or o!rwise au?oriz$ to d bus9ess "u ,/ate law2 & 7,b7 secure rem$ies "u provisions ( ?is section or rem$ies o!rwise provid$ "u o!r provisions ( law ) respect to an entity describ$ 9 subp>agraph 7,a74 7#c7 ,notice requirem5t2 additional regulations ,subsections 7b71 7c71 & 7d7 ( section #ajdb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeeb71 %all apply to a civil action or o!r appropriate proce$+ br\ght or initiat$ "u p>agraph 7#a7 or 7#b7 to ! same ext5t z ^? subsections apply to actions & o!r adm9i/rative & regulatory proce$+s describ$ 9 subsection 7a7 ( su* section #ajdb4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = *apt] #b ( ! ,tru? 9 ,l5d+ ,act is am5d$ by add+ at ! end ! foll[+3 #adj;,b4 ,limitations on consum]1 small bus9ess1 & nonpr(it maximum rates ( int]e/ dur+ national em]g5cies4 4