[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4072 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4072

  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             April 7, 2022

Mr. Whitehouse (for himself, Mr. Reed, Ms. Warren, Mr. Merkley, and Mr. 
   Sanders) introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, 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 ``Empowering States' Rights To Protect 
Consumers Act of 2022''.

SEC. 2. LIMITS ON ANNUAL PERCENTAGE RATES.

    Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is 
amended by adding at the end the following:

``SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES.

    ``Notwithstanding any other provision of law, the annual percentage 
rate applicable to any consumer credit transaction (other than a 
residential mortgage transaction), including any fees associated with 
such a transaction, may not exceed the maximum rate permitted by the 
laws of the State in which the consumer resides.''.
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