A bill to authorize on a temporary basis certain business and agricultural loans, notwithstanding interest limitations in state constitutions or statutes, and for other purposes.

Summary

Title I: Interest Rate Amendments Regarding State Usury Ceilings on Certain Loans - Permits any national banking association, federally-insured bank, federally-insured savings and loan association or qualified small business investment company to charge interest on business and agricultural loans of $25,000 or more at a rate of up to five percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank in the Federal Reserve district where such institution is located, notwithstanding State usury laws. Terminates such authority on January 1, 1981. 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, and the Federal Home Loan Bank Act to declare that the authority granted in title I of this Act shall preempt State law until January 1, 1981.

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Documents

5 official files

• Public Law (PDF)

  Public Law · EN · 6 November 1979

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• Passed Senate amended

  summary · EN · 12 October 1979

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• Reported to Senate with amendment(s)

  summary · EN · 11 October 1979

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• Passed House amended

  summary · EN · 24 September 1979

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• Introduced in House

  summary · EN · 28 February 1979

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