A bill to amend the Federal Deposit Insurance Act to clarify what lending entities are subject to section 44(f) of that Act, and for other purposes.

Summary

Amends the Federal Deposit Insurance Act regarding interstate bank mergers to subject to certain maximum charge limitations any credit sale or other evidence of debt issued to or acquired by any competing lender (currently, any insured depository institution) in a State that has a constitutional provision specifying the maximum lawful annual percentage rate of interest on a contract at no more than five percent above the discount rate for 90-day commercial paper in effect at the Federal reserve bank for the Federal reserve district in which the State is located. Includes in the meaning of competing lender not only insured depository institutions but also any person or entity engaged in the business of selling or financing the sale of property or services. States that the authority of any competing lender to take, receive, reserve, or charge interest on any loan or credit sale remains unaffected in States other than the State with such constitutional provision.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 December 2001

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 December 2001

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• Introduced in Senate

  summary · EN · 18 December 2001

  Open at official source

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