A bill to equalize competition between state and national banks, and for other purposes.

Summary

Title I: Interest Rate Amendments Regarding State Usury Ceilings on Certain Loans - Amends the Federal Deposit Insurance Act, the National Housing Act, the Federal Credit Union Act, and the Small Business Investment Act to permit State insured banks, savings and loan associations, credit unions, and small business investment companies to charge interest at one percent in excess of the discount rate in effect in their Federal Reserve districts notwithstanding lower State usury ceilings. Penalizes the charging of interest in excess of such rate by forfeiture of the creditor's entire interest in the indebtedness. Title II: Applicability of State Usury Ceilings to Certain Obligations Issued by Banks and Affiliates - Amends the Federal Reserve Act, the Federal Deposit Insurance Act, the Federal Home Loan Bank Act, and the Federal Credit Union Act to preclude specified financial institutions from pleading or claiming with respect to any deposit or obligation of such institution any defense or right under any State law regulating interest rates. Suspends any penalty which would attach under any such State law. Title III: Applicability - States that the provisions of this Act shall apply to any loan or obligation entered into after its enactment unless a State enacts overriding legislation. Stipulates that the amendments made by this Act not supercede provisions of law relating to business and agricultural loans of $25,000 or more.

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 Senate

  summary · EN · 7 November 1979

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.