[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5552 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5552

To amend the Consumer Financial Protection Act of 2010 to establish an 
 exemption from a rule or regulation to regulate payday loans, vehicle 
   title loans, or other similar loans for certain States and Indian 
                    tribes, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2016

  Mr. Tipton introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
To amend the Consumer Financial Protection Act of 2010 to establish an 
 exemption from a rule or regulation to regulate payday loans, vehicle 
   title loans, or other similar loans for certain States and Indian 
                    tribes, 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 ``Accounting for Consumer Credit and 
Encouraging State Solutions Act of 2016'' or the ``ACCESS Act of 
2016''.

SEC. 2. STATE AND TRIBAL PAYDAY LOAN REGULATION 5-YEAR EXEMPTION.

    Section 1022 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5512) is amended by adding at the end the following:
    ``(e) State and Tribal Payday Loan Regulation 5-Year Exemption.--
            ``(1) In general.--With respect to a final rule or 
        regulation issued by the Bureau of Consumer Financial 
        Protection to regulate payday loans, vehicle title loans, or 
        other similar loans, if a State or a federally recognized 
        Indian tribe requests, in writing, for the Bureau to provide 
        the State or tribe with a waiver from such rule or regulation, 
        the Bureau shall grant a 5-year waiver to such State or tribe, 
        during which such rule or regulation shall not apply within 
        such State or land held in trust for the benefit of such 
        federally recognized Indian tribe.
            ``(2) Extension of waiver.--A State or a federally 
        recognized Indian tribe receiving a waiver under paragraph (1) 
        shall have the right to an unlimited number of 5-year 
        extensions of such waiver, which shall be granted upon the 
        request, in writing, for such waiver by the State or tribe.''.
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