summary
Introduced
07/19/2017
07/19/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
02/15/2018
02/15/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Protecting Consumers' Access to Credit Act of 2017 (Sec. 3) This bill amends the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party.
AI Summary
This bill, titled the "Protecting Consumers' Access to Credit Act of 2017," aims to codify the "valid-when-made" doctrine, a longstanding principle in U.S. banking law. The bill amends several federal laws, including the Revised Statutes, the Home Owners' Loan Act, the Federal Credit Union Act, and the Federal Deposit Insurance Act, to ensure that a loan's maximum interest rate remains valid and enforceable even if the loan is subsequently sold or transferred to a third party, regardless of any conflicting state laws. The bill's findings highlight the importance of this doctrine in providing certainty in credit markets, enhancing liquidity, and ensuring access to safe and affordable financial services, particularly for low- and moderate-income individuals.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/15/2018)
Official Document
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bill summary
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bill summary
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bill summary
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