H.R. 10439
Extends military lending protections to all consumers
Applies the same consumer credit rules that now cover service members and their families, including limits on interest rates, to all borrowers.
- Covers all consumer credit, not just loans to service members and their dependents
- Mortgages, car loans secured by the car, and federal credit union loans are left out
- State attorneys general may sue lenders up to 3 years after a violation
- Rules must be written within 1 year; limits begin by 18 months after the law passes
In committee