Servicemembers Anti-Predatory Lending Protection Act
Latest action · Apr 4, 2005 Referred to the Subcommittee on Economic Opportunity.
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.
- IntroducedJan 4, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 75
Members who signed on, in the order they did. Signatures ran from Mar 1, 2005 to Sep 27, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Ed Whitfield | Mar 1, 2005 | |
| D-MO | Ike Skelton | Mar 1, 2005 | |
| D-VA | Virgil H. Goode Jr. | Mar 1, 2005 | |
| D-VI | Donna M. Christensen | Mar 9, 2005 | |
| D-MA | James P. McGovern | Mar 9, 2005 | |
| R-VA | Frank R. Wolf | Mar 15, 2005 | |
| D-IN | Julia Carson | Mar 15, 2005 | |
| R-CA | Ken Calvert | Mar 15, 2005 | |
| D-IL | Luis V. Gutierrez | Mar 15, 2005 | |
| D-CA | Lynn C. Woolsey | Mar 15, 2005 | |
| R-TX | John R. Carter | Mar 16, 2005 | |
| D-GA | John Barrow | Apr 5, 2005 | |
| R-WV | Shelley Moore Capito | Apr 5, 2005 | |
| D-TX | Chet Edwards | Apr 13, 2005 | |
| R-VA | Thelma D. Drake | Apr 13, 2005 |
Actions 3
Everything that happened, newest first.
- Apr 4, 2005Referred to the Subcommittee on Economic Opportunity.
- Jan 4, 2005Introduced in House
- Jan 4, 2005Referred to the House Committee on Veterans' Affairs.
Subjects
Assigned by the Library of Congress. Policy area: Armed Forces and National Security.
Text 1
Each version as it was printed, newest first.
- Jan 4, 2005Introduced in House
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.