Empowering States' Rights To Protect Consumers Act of 2014

Empowering States' Rights To Protect Consumers Act of 2014 - Amends the Truth In Lending Act to limit the annual percentage rate (APR) applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4183 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4183

  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 6, 2014

 Mr. Tierney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Empowering States' Rights To Protect 
Consumers Act of 2014''.

SEC. 2. LIMITS ON ANNUAL PERCENTAGE RATES.

    Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is 
amended by adding at the end the following:

``SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES.

    ``Notwithstanding any other provision of law, the annual percentage 
rate applicable to any consumer credit transaction (other than a 
residential mortgage transaction), including any fees associated with 
such a transaction, may not exceed the maximum rate permitted by the 
laws of the State in which the consumer resides.''.
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