- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Financial ServicesIntroducedJuly 1st, 2010
- house Committees
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Predatory Lending Sunset Act
To amend the Truth in Lending Act to provide an interest rate cap and other requirements for creditors making covered loans, and for other purposes.
Predatory Lending Sunset Act - Amends the Truth in Lending Act to limit the maximum interest rate which a creditor may charge on a covered consumer credit loan of up to $3,000 to an annual percentage rate (APR) of 36%. Prohibits a creditor from extending a covered loan with respect to which the creditor uses as security either: (1) access to a borrower's financial account; or (2) the title of a vehicle. Amends the Electronic Fund Transfer Act to prohibit a remotely created check that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied by the person from whose account the check is to be paid. Declares unenforceable, with respect to any consumer, any contract made in violation of this Act.