Text: H.R.5724 — 114th Congress (2015-2016)All Information (Except Text)

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Introduced in House (07/11/2016)

 
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5724 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5724

  To amend the Revised Statutes of the United States and the Federal 
Deposit Insurance Act to require the rate of interest on certain loans 
  remain unchanged after transfer of the loan, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 11, 2016

 Mr. McHenry introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Revised Statutes of the United States and the Federal 
Deposit Insurance Act to require the rate of interest on certain loans 
  remain unchanged after transfer of the loan, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Consumers' Access to 
Credit Act of 2016''.

SEC. 2. RATE OF INTEREST AFTER TRANSFER OF LOAN.

    (a) Amendment to the Revised Statutes.--Section 5197 of the Revised 
Statutes of the United States (12 U.S.C. 85) is amended by adding at 
the end the following new sentence: ``A loan that is valid when made as 
to its maximum rate of interest in accordance with this section shall 
remain valid with respect to such rate regardless of whether the loan 
is subsequently sold, assigned, or otherwise transferred to a third 
party.''.
    (b) Amendment to the Federal Deposit Insurance Act.--Section 27(a) 
of the Federal Deposit Insurance Act (12 U.S.C. 1831d(a)) is amended by 
adding at the end the following new sentence: ``A loan that is valid 
when made as to its maximum rate of interest in accordance with this 
section shall remain valid with respect to such rate regardless of 
whether the loan is subsequently sold, assigned, or otherwise 
transferred to a third party.''.
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