HR 5974
Veterans and Consumers Fair Credit Act
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- Passed House
- Passed Senate
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- Became Law
Bill overview
The Veterans and Consumers Fair Credit Act extends consumer credit protections currently available to military personnel and their families to all consumers. It caps the interest rate on many consumer loans at 36%, mirroring the Military Lending Act. The bill aims to provide fairer terms for borrowers and ensures consistent protections across the broader consumer credit market. It also establishes a process for state attorneys general and regulators to enforce these new protections.
Sponsors
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Primary sponsor
Jesus G. "Chuy" Garcia
Cosponsors
Alan S. Lowenthal
Andy Levin
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