Section 1 Short title
This Act may be cited as the “Accounting for Consumer Credit and Encouraging State Solutions Act of 2016” or the “ACCESS Act of 2016”.
Accounting for Consumer Credit and Encouraging State Solutions Act of 2016
A BILL
To amend the Consumer Financial Protection Act of 2010 to establish an exemption from a rule or regulation to regulate payday loans, vehicle title loans, or other similar loans for certain States and Indian tribes, and for other purposes.
Sec. 2 State and tribal payday loan regulation 5-year exemption
Section 1022 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) is amended by adding at the end the following:
“(e) State and tribal payday loan regulation 5-Year exemption
“(1) In general—With respect to a final rule or regulation issued by the Bureau of Consumer Financial Protection to regulate payday loans, vehicle title loans, or other similar loans, if a State or a federally recognized Indian tribe requests, in writing, for the Bureau to provide the State or tribe with a waiver from such rule or regulation, the Bureau shall grant a 5-year waiver to such State or tribe, during which such rule or regulation shall not apply within such State or land held in trust for the benefit of such federally recognized Indian tribe.
“(2) Extension of waiver—A State or a federally recognized Indian tribe receiving a waiver under paragraph (1) shall have the right to an unlimited number of 5-year extensions of such waiver, which shall be granted upon the request, in writing, for such waiver by the State or tribe.”