Section 1 Short title
This Act may be cited as the “Empowering States' Rights To Protect Consumers Act of 2023”.
Empowering States' Rights To Protect Consumers Act of 2023
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.
Sec. 2 Limits on annual percentage rates
In general— Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by adding at the end the following:
“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.”
Technical and conforming amendment— The table of contents for chapter 2 of the Truth in Lending Act is amended by adding at the end the following: