3.0.0 904 2023-01-15T23:33:09Z 2023-01-15T23:33:09Z Senate S S 2003-04-11 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-04-11T19:44:48Z 2003-04-11 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2003-04-11 Introduced in Senate IntroReferral 10000 9 Library of Congress L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT N P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2003-04-11 True Finance and Financial Sector Deposit insurance Finance charges Interest rates Loans Finance and Financial Sector 00 2003-04-11 Introduced in Senate 2003-09-23T20:59:28Z Amends the Federal Deposit Insurance Act regarding the applicable interest rate and other charge limitations for the branch of any out-of-State insured depository institution established pursuant to an interstate bank merger in a State with a constitutional provision setting a maximum lawful annual percentage rate of interest on any contract at not 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 such State is located. Declares that the existing statutory formula governing the maximum interest rate or amount of interest shall apply to any other lender doing business in the State as well.

Defines other lender as any person engaged in the business of selling or financing the sale of personal property (and any servicers incidental to such a sale) in the State, but excluding: (1) an insured depository institution; or (2) any person or entity engaged in the business of providing a short-term case advance to any consumer in exchange for a consumer's personal check or share draft, in the amount of the advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date, or a consumer authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date. (Thus exempts from the applicable rate and charge limitations any fee charged by insured depository institutions and persons or entities that provide a short-term case advance in exchange for deferred payment by personal check or direct debit (draw) at a future time upon the consumer's transaction account.)

]]> A bill to amend the Federal Deposit Insurance Act to clarify the scope of provisions relating to applicable rates of interest and other charge limitations. Display Title A bill to amend the Federal Deposit Insurance Act to clarify the scope of provisions relating to applicable rates of interest and other charge limitations. Official Title as Introduced A bill to amend the Federal Deposit Insurance Act to clarify the scope of provisions relating to applicable rates of interest and other charge limitations. Introduced in Senate IS Introduced in Senate 2003-04-11T04:00:00Z 2003-04-11 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.