,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #ajdci  ,,in ,,the ,,house ,,of 
,,representatives  ,september #af1      
#bjbf,mr4 ,grothman 7for himself and    
,mr4 ,garca of ,illinois7 introduced the
 following bill2 which was referred to  
the ,committee on ,financial ,services  
,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 ,veterans and ,consumers ,fair      
,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 consumer credit
 and maximum rates of interest  7a7     
,application of the ,military ,lending  
,act  7#a7 ,in general ,except as       

provided in paragraph 7#b71 section     
#ihg7;b7 of title #aj1 ,united ,states  
,code 7commonly referred to as the      
,military ,lending ,act71 shall apply to
 a creditor who extends consumer credit 
to a consumer to the same extent as such
 section 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  7#b7    
,exceptions ,paragraph 7#a7 shall not   
apply to an extension of credit that    
is--  7,a7 a residential mortgage2  7,b7
 a loan procured to purchase a car1 when
 that loan is offered for the express   
purpose of financing the purchase and is
 secured by the car procured2 or  7,c7 a
 loan made by a ,federal credit union   
7as defined in section #aja of the      
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #ageb771 subject to the usury 
limit provided under section            
#ajg7e77;,a7 of the ,federal ,credit    
,union ,act 7#ab ,u4,s4,c4              

#ageg7e77;,a771 as implemented by the   
,national ,credit ,union ,administration
 ,board4  7b7 ,no exemptions permitted  
,the exemption authority of the         
,director of the ,bureau under section  
#aje7;f7 shall not apply with respect to
 this section4  7c7 ,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 final rule 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 plan that is
 not secured by a home1 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 fee 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 plan 
that is not secured by a home4  7d7     
,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  7e7       
,penalties and remedies ,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  7f7 ,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 on behalf of the residents 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  
compliance with the requirements of this
 section or rules issued under this     
section2 and  7ii7 secure remedies under
 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 
of a creditor may bring a civil action  
or initiate another appropriate         
proceeding to-- 7,a7 enforce compliance 
with the requirements of this section or
 regulations issued under this section  
with respect to such creditor 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    
this section or remedies otherwise      
provided under other provisions of law  
with respect to such creditor4  7#c7    
,notice requirement  7,a7 ,in general   
,before initiating an action pursuant to
 paragraph 7#a7 or 7#b7 to enforce      
compliance with the requirements of this
 section or rules issued under this     
section1 a ,state attorney general or   
,state regulator shall timely provide a 
copy of the complete complaint to be    
filed and written notice describing such
 action or proceeding to the ,director  

of the ,bureau and the prudential       
regulator1 if any1 of the creditor4     
7,b7 ,emergency action ,if prior notice 
is not practicable1 the ,state attorney 
general or ,state regulator shall       
provide a copy of the complete complaint
 and the notice to ,director of the     
,bureau and the prudential regulator1 if
 any1 immediately upon instituting the  
action4  7,c7 ,contents of notice ,the  
notice required under this paragraph    
shall1 at a minimum1 describe--  7i7 the
 identity of the parties2  7ii7 the     
alleged facts underlying the proceeding2
 and  7iii7 whether there may be a need 
to coordinate the prosecution of the    
proceeding so as not to interfere with  
any action1 including any rulemaking1   
undertaken by ,director of the ,bureau1 
a prudential regulator1 or another      
,federal agency4  7#d7 ,bureau response 
,in any action described in paragraph   
7#a7 or 7#b71 the ,bureau may--  7,a7   
intervene in the action as a party2     
7,b7 upon intervening1 remove the action

 to the appropriate ,united ,states     
district court 7if the action was not   
originally brought there7 and be heard  
on all matters arising in the action2   
and  7,c7 appeal any order or judgment1 
to the same extent as any other party in
 the proceeding may4  7g7 ,regulations  
7#a7 ,in general ,notwithstanding       
section #ajbg7o7 of the ,consumer       
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #eeag7o771 not later than
 #a year after the date of enactment of 
this section1 the ,bureau1 in           
consultation with the ,secretary of     
,defense1 shall--  7,a7 issue rules     
carrying out this section2 and  7,b7    
notify ,congress and the public1        
including on the website of the ,bureau1
 regarding the issuance of the rules    
required under subparagraph 7,a74  7#b7 
,consistency ,the rules issued by the   
,bureau under paragraph 7#a7-- 7,a7     
shall be consistent with rules issued by
 the ,secretary of ,defense to carry out
 section #ihg of title #aj1 ,united     

,states ,code2 and  7,b7 may not provide
 lesser protection to consumers than the
 protection afforded covered members1 as
 that term is defined in section #ihg of
 title #aj1 ,united ,states ,code1 in   
applicable provisions in the rules      
issued by the ,secretary of ,defense on 
,july #bb1 #bjae1 to carry out such     
section #ihg4  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   
consumer credit and maximum rates of    
interest4  4  7c7 ,applicability ,the   
amendments made by subsection 7a7 shall 
apply to an extension of credit made    
after the earlier of-- 7#a7 the date on 
which the rules issued by the ,director 
of the ,bureau of ,consumer ,financial  
,protection under subsection 7g7 of     
section #adj;,b of the ,truth in        
,lending ,act1 as added by subsection   
7a7 of this section1 require compliance2
 and  7#b7 the date that is #ah months  

after the date of enactment of this     
,act4