The bill would let a state opt out of certain federal interest-rate rules for loans made by banks and credit unions chartered in that state. A state could do this by adopting a law or certifying that voters approved a measure that clearly states the opt-out. The change would apply to loans made, or commitments to make loans entered into, after the state action. The bill would also repeal an existing law section and set rules for how the bill applies to earlier state opt-outs under that section.
If your state opts out, the federal rules covered by the bill would no longer apply to later loans from banks and credit unions chartered in your state. The bill does not specify how interest rates or loan terms would change.
The bill does not specify federal spending or costs to borrowers.
No publicly available information.
No publicly available information.