36% Rate Cap Bill filed in the U.S. House of Representatives

Mark Campanale Government Relations, Government Relations Updates, Legislative Updates & Alerts, Rate Cap

On November 15, 2021, H. R. 5974 the Veterans and Consumers Fair Credit Act was introduced by Rep. Jesus G. “Chuy” Garcia, (IL-D-4).

Although the text is not yet publicly available for NPA’s Team GRC to review, the intent of the bill is to amend the Truth in Lending Act by extending the 36% APR of the Military Lending Act to all consumer credit.

We are informed that this House bill mirrors S. 2508 which was filed on July 28, 2021, in the Senate. We will have more information for you soon.