[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3691 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3691

     To amend title 10, United States Code, to require additional 
disclosures when lending to military members and their dependents, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 10, 2013

  Mr. Kildee introduced the following bill; which was referred to the 
                      Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
     To amend title 10, United States Code, to require additional 
disclosures when lending to military members and their dependents, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Transparency in Military Lending Act 
of 2013''.

SEC. 2. TRANSPARENCY IN LENDING TO MILITARY MEMBERS AND THEIR 
              DEPENDENTS.

    (a) Transparency and Disclosures.--Section 987(c) of title 10, 
United States Code, is amended by adding at the end the following:
            ``(3) Additional disclosures.--
                    ``(A) In general.--With respect to any extension of 
                consumer credit described under paragraph (1), a 
                creditor shall provide to the member or dependent each 
                of the following pieces of information, orally and in 
                writing, and the creditor may not issue the credit 
                unless the member or dependent signs a separate 
                acknowledgment next to each piece of information 
                acknowledging that the member or dependent has read 
                each such piece:
                            ``(i) A statement that the Department of 
                        Defense and each service branch, offers a 
                        variety of financial counseling services.
                            ``(ii) A statement that other, lower 
                        interest rate loans, including potentially 0 
                        percent interest loans, may be available 
                        through other financial institutions and 
                        military relief societies.
                            ``(iii) Contact information for the nearest 
                        Department of Defense financial counseling 
                        office.
                            ``(iv) The actual cost of the extension of 
                        credit, prepared as an amortization table 
                        showing what the cost to the member or 
                        dependent will be if paid off at different 
                        points over time.
                    ``(B) Format of disclosures.--The disclosures 
                required under this paragraph shall be made on a single 
                sheet of paper and be in a bold, 14-point font.
                    ``(C) List of financial counseling offices.--The 
                Secretary of Defense shall prepare a list of Department 
                of Defense financial counseling offices, and make sure 
                the list is available to creditors and the public.''.
    (b) Transparency for Payday Loans and Vehicle Loans.--Solely for 
purposes of the disclosures required under section 987(c)(3) of title 
10, United States Code, the Secretary of Defense shall apply the 
definitions of ``payday loans'' and ``vehicle title loans'' under 
section 232.3 of title 32, Code of Federal Regulations, as providing 
that the terms of such loans are 10 years or less.
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