A bill to amend the Depository Institutions Deregulation and Monetary Control Act of 1980.

Summary

Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to prohibit State limitations on interest or other charges with regard to the extension of consumer credit. Permits States to adopt legislation explicitly exempting themselves from such prohibition. Permits creditors to impose transaction fees and access fees pursuant to an open-end credit plan. Prohibits any State limitation on charges in connection with such plans based on whether the creditor imposes such fees. Amends the Truth in Lending Act to exclude access fees and transaction fees from computation of the finance charges with respect to open-end credit plans. Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to declare that extensions of consumer credit may be made at the highest applicable rate if one or more statutory provisions apply with respect to the same extension of consumer credit.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 2 July 1980

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.