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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Consumer Protection and Choice Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Truth in Lending Act to establish deferred presentment transaction requirements, and for other purposes.

Actions Overview (1)

Date Actions Overview
11/16/2015Introduced in House

All Actions (2)

Date All Actions
11/16/2015Referred to the House Committee on Financial Services.
Action By: House of Representatives
11/16/2015Introduced in House
Action By: House of Representatives

Cosponsors (24)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services11/16/2015 Referred to

No related bill information was received for H.R.4018.

Latest Summary (1)

There is one summary for H.R.4018. View summaries

Shown Here:
Introduced in House (11/16/2015)

Consumer Protection and Choice Act

This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act.

A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption.

If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state.

Such a state law must:

  • require a provider to be licensed by the state;
  • establish a transaction database;
  • require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction;
  • require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled;
  • require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours;
  • require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and
  • allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency.

The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.