[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Pages S1524-S1525]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2155. Mr. SANDERS submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

[[Page S1525]]

  


     SEC. ___. INTEREST RATE REDUCTION.

       (a) National Consumer Credit Usury Rate.--Section 107 of 
     the Truth in Lending Act (15 U.S.C. 1606) is amended by 
     adding at the end the following new subsection:
       ``(f) National Consumer Credit Usury Rate.--
       ``(1) Limitation established.--Notwithstanding subsection 
     (a) or any other provision of law, but except as provided in 
     paragraph (2), the annual percentage rate applicable to any 
     extension of credit may not exceed 15 percent on unpaid 
     balances, inclusive of all finance charges. Any fees that are 
     not considered finance charges under section 106(a) may not 
     be used to evade the limitations of this paragraph, and the 
     total sum of such fees may not exceed the total amount of 
     finance charges assessed.
       ``(2) Exceptions.--
       ``(A) Board authority.--The Board may establish, after 
     consultation with the appropriate committees of Congress, the 
     Secretary of the Treasury, and any other interested Federal 
     financial institution regulatory agency, an annual percentage 
     rate of interest ceiling exceeding the 15 percent annual rate 
     under paragraph (1) for periods of not to exceed 18 months, 
     upon a determination that--
       ``(i) money market interest rates have risen over the 
     preceding 6-month period; and
       ``(ii) prevailing interest rate levels threaten the safety 
     and soundness of individual lenders, as evidenced by adverse 
     trends in liquidity, capital, earnings, and growth.
       ``(B) Treatment of credit unions.--The limitation in 
     paragraph (1) does not apply with respect to any extension of 
     credit by an insured credit union, as that term is defined in 
     section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
       ``(3) Penalties for charging higher rates.--
       ``(A) Violation.--The taking, receiving, reserving, or 
     charging of an annual percentage rate or fee greater than 
     that permitted by paragraph (1), when knowingly done, shall 
     be deemed a violation of this title, and a forfeiture of the 
     entire interest which the note, bill, or other evidence of 
     the obligation carries with it, or which has been agreed to 
     be paid thereon.
       ``(B) Refund of interest amounts.--If an annual percentage 
     rate or fee greater than that permitted under paragraph (1) 
     has been paid, the person by whom it has been paid, or the 
     legal representative thereof, may, by bringing an action not 
     later than 2 years after the date on which the usurious 
     collection was last made, recover back from the lender in an 
     action in the nature of an action of debt, the entire amount 
     of interest, finance charges, or fees paid.
       ``(4) Civil liability.--Any creditor who violates this 
     subsection shall be subject to the provisions of section 130.
       ``(g) Relation to State Law.--Nothing in this section may 
     be construed to preempt any provision of State law that 
     provides greater protection to consumers than is provided in 
     this section.''.
       (b) Civil Liability Conforming Amendment.--Section 130(a) 
     of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by 
     inserting ``section 107(f),'' before ``this chapter''.

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