3.0.0 6139 2022-03-01T06:43:08Z 2022-03-01T06:43:08Z House H HR 2012-07-18 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LUETKEMEYER:H.R. 6139.Congress has the power to enact this legislation pursuantto the following:The constitutional authority on which this bill rests isthe explicit power of Congress to regulate commerce in andamong the states, as enumerate in Article 1, Section 8,Clause 3, the Commerce Clause, of the United StatesConstitution.[Page H5009]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2012-10-01T19:31:17Z Hearings by 2012-07-24T18:42:25Z Referred to 2012-07-18T14:01:15Z 2012-10-01 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2012-07-24 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral. Committee 2012-07-18 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-07-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-07-18 Introduced in House IntroReferral 1000 9 Library of Congress L000569 Rep. Luetkemeyer, Blaine [R-MO-9] Blaine Luetkemeyer R MO 9 N B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 2012-07-18 True S001183 Rep. Schweikert, David [R-AZ-5] David Schweikert R AZ 5 2012-07-19 False M001137 Rep. Meeks, Gregory W. [D-NY-6] GREGORY MEEKS D NY W. 6 2012-07-19 False F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2012-07-19 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2012-07-23 False R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2012-07-24 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2012-09-13 False J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2012-09-19 False Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Consumer credit Credit and credit markets Department of the Treasury Federally chartered organizations Financial services and investments Small business User charges and fees Finance and Financial Sector 00 2012-07-18 Introduced in House 2012-09-27T17:54:41Z Consumer Credit Access, Innovation, and Modernization Act - Directs the Comptroller of the Currency to charter qualified nondepository creditors known as National Consumer Credit Corporations (Credit Corporations) to offer financial products or services.

Requires a qualified nondepository creditor seeking a federal charter to submit an application which includes in part: (1) a business plan for at least a three-year period with its primary business activities serving underserved consumers and small businesses; (2) a market demand forecast, the intended customer base, competition, economic conditions, financial projections, and business risks; (3) a marketing plan that describes the types of financial products or services such creditor intends to offer; and (4) adequate capital structure.

Directs the Comptroller to: (1) ensure that Credit Corporations focus their business operations primarily on providing underserved consumers a variety of affordable and commercially viable financial products or services, including some that facilitate personal savings and enhance the credit record of such consumers; (2) facilitate business partnerships among Credit Corporations, insured depository institutions, other nondepository creditors, third-party service providers and vendors, and nonprofit organizations in order to ensure greater credit access for underserved consumers and small businesses; and (3) examine and supervise the Credit Corporations.

Requires Credit Corporations to make available to each consumer to whom a financial product or service is being offered: (1) information on how a consumer may obtain financial counseling services, the benefits of following a regular personal savings program, and how consumers can improve their credit ratings; (2) disclose clearly and conspicuously in the loan agreement the true cost of the loan, including all interest, fees, and loan related charges; and (3) offer an underserved consumer who is unable to repay an extension of credit with a loan repayment term of less than 120 days, an extended repayment plan, at no cost to the consumer, at least once in a 12-month period.

Prohibits specified practices.

Prescribes: (1) a national consumer credit corporation regulatory fee, (2) a usury limit, and (3) civil penalties.

Grants enforcement powers to the Comptroller and state attorneys general.

]]> Consumer Credit Access, Innovation, and Modernization Act Short Titles as Introduced Consumer Credit Access, Innovation, and Modernization Act Display Title Consumer Credit Access, Innovation, and Modernization Act Official Title as Introduced To create a Federal charter for National Consumer Credit Corporations, and for other purposes. Introduced in House 2012-07-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr6139ih/xml/BILLS-112hr6139ih.xml 2012-10-01 Referred to the Subcommittee on Financial Institutions and Consumer Credit. 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.