118 S1934 IS: Empowering States' Rights To Protect Consumers Act of 2023 U.S. Senate 2023-06-13 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.

II118th CONGRESS1st SessionS. 1934IN THE SENATE OF THE UNITED STATESJune 13, 2023Mr. Whitehouse (for himself, Mr. Reed, Ms. Warren, Mr. Sanders, and Mr. Merkley) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo 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.

1.

Short title

This Act may be cited as the Empowering States' Rights To Protect Consumers Act of 2023.

2.

Limits on annual percentage rates

(a)

In general

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

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.

.(b)

Technical and conforming amendment

The table of contents for chapter 2 of the Truth in Lending Act is amended by adding at the end the following:140B. Limits on annual percentage rates..