H.R.5300 - Servicemembers Anti-Predatory Lending Protection Act108th Congress (2003-2004)
|Sponsor:||Rep. Graves, Sam [R-MO-6] (Introduced 10/08/2004)|
|Committees:||House - Veterans' Affairs|
|Latest Action:||10/21/2004 Referred to the Subcommittee on Benefits. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5300 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (10/08/2004)
Servicemembers Anti-Predatory Lending Protection Act - Amends the Servicemembers Civil Relief Act to set forth terms for consumer credit extended to a servicemember or servicemember's dependent, including terms of interest with respect to the extension of such credit.
Prohibits a creditor from imposing an annual percentage rate greater than 36 percent with respect to the consumer credit extended.
Sets forth mandatory loan disclosures, including: (1) a statement of the annual percentage rate applicable to the extension of credit; and (2) a clear description of the payment obligations.
Prohibits a creditor from automatically renewing, repaying, refinancing, or consolidating any consumer credit with the proceeds of other credit extended to a servicemember or a servicemember's dependent by the same creditor without: (1) executing new loan documentation signed by the servicemember; and (2) providing the mandatory loan disclosures.
Preempts any State or Federal law, rule, or regulation, including any State usury law, to the extent that it is inconsistent with this Act. States that this Act does not preempt any such law, rule, or regulation that provides additional protection.
Prescribes criminal penalties for violation of this Act.