S 1835 · 107th Congress 2001–2003, ended

A bill to amend the Federal Deposit Insurance Act to clarify what lending entities are subject to section 44(f) of that Act, and for other purposes.

Introduced Dec 18, 2001 Originated Senate Sponsor Blanche L. Lincoln D-AR

Fact sheet

Latest action · Dec 18, 2001 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedDec 18, 2001
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Amends the Federal Deposit Insurance Act regarding interstate bank mergers to subject to certain maximum charge limitations any credit sale or other evidence of debt issued to or acquired by any competing lender (currently, any insured depository institution) in a State that has a constitutional provision specifying the maximum lawful annual percentage rate of interest on a contract at no more than five percent above the discount rate for 90-day commercial paper in effect at the Federal reserve bank for the Federal reserve district in which the State is located. Includes in the meaning of competing lender not only insured depository institutions but also any person or entity engaged in the business of selling or financing the sale of property or services.

States that the authority of any competing lender to take, receive, reserve, or charge interest on any loan or credit sale remains unaffected in States other than the State with such constitutional provision.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Actions 2

Everything that happened, newest first.

  1. Dec 18, 2001Introduced in Senate
  2. Dec 18, 2001Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.