Credit Deregulation and Availability Act of 1983

Summary

Credit Deregulation and Availability Act of 1983 - Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to eliminate the current Federal rate ceiling for business and agricultural loans. Permits a State to reject Federal preemption of State usury ceilings on such loans within three years of the effective date of this Act. Makes Federal preemption applicable to certain activities in connection with credit agreements entered into during the preemption period, if the credit is extended within 18 months of the effective date of the State law rejecting preemption. Preempts all State usury laws in connection with extensions of consumer credit made by a creditor. Permits a State to reject such Federal preemption within three years of the effective date of this Act. Includes a transitional provision where a State rejects Federal preemption, applicable to open-end credit transactions, where the credit is extended within 18 months of the effective date of the State law rejecting preemption. Authorizes the Board of Governors of the Federal Reserve System to publish Board interpretations regarding the scope and application of such provisions. Authorizes the boards of directors of Federal credit unions to establish interest rates.

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Timeline

1. 8 March 1983

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 8 March 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 23 March 1983

   Committee

   Committee on Banking requested executive comment from Federal Reserve System, Federal Deposit Insurance Corporation, Comptroller of the Currency, National Credit Union Administration.

   Source: Committee

4. 12 April 1983

   Committee

   Committee on Banking. Hearings held. Hearings printed: S.Hrg. 98-111.

   Source: Committee

5. 13 April 1983

   Committee

   Committee on Banking received executive comment from Federal Deposit Insurance Corporation.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 8 March 1983

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• · ssbk00 · Standing

Related records

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