summary
Introduced
07/27/2017
07/27/2017
In Committee
07/27/2017
07/27/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Protecting Consumers' Access to Credit Act of 2017 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 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 establish that a loan that is valid when made in terms of its maximum interest rate will remain valid with respect to that rate, even if the loan is subsequently sold or transferred to a third party. This is intended to codify the longstanding "valid-when-made" legal doctrine, which the bill argues enhances credit market liquidity and access to affordable financial services. The bill also includes a rule of construction to clarify that it does not limit the authority or jurisdiction of various federal financial regulators.
Committee Categories
Housing and Urban Affairs
Sponsors (5)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 07/27/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/1642/all-info |
| BillText | https://www.congress.gov/115/bills/s1642/BILLS-115s1642is.pdf |
| Bill | https://www.congress.gov/115/bills/s1642/BILLS-115s1642is.pdf.pdf |
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