Federal Rate Cap Legislation Filed in the House and Senate
Two federal rate cap bills were filed in the Senate and House and are both cited as the “Veterans and Consumers Fair Credit Act”. As the prior draft language reviewed by NPA’s Government Relations Committee indicated, these bills apply the Military Lending Act (MLA) 36% Annual Percentage Rate Cap to all consumers the same as if they were active duty members of the military, spouses or dependents.
The House bill is listed as H.R. 5050 sponsored by Rep. Jesus Garcia of Illinois. Co-sponsors thus far are Representatives Glenn Grothman-Wisconsin, Sylvia Garcia-Texas, and Al Green-Texas, and is bi-partisan. A basically identical Senate bill is S. 2833 sponsored by Senator Jeff Merkley-Oregon, and the original co-sponsors are Senators Sherrod Brown-Ohio, Jack Reed-Rhode Island and Chris Van Hollen-Maryland.
A email was sent to current members with an attachment letter template. This template can be edited on line with your business information, then downloaded and printed. The purpose of the letter is to show your opposition of this Federal Rate Cap. Once you have edited the letter, download and print. Then research your district representative or you can mail to your Senator representing your demographic area. If you have any questions or need assistance with the letter, please notify us and we will assist you. Please help support your OPA and get the word out to fellow pawnbrokers to get involved too. We need your help. Thank You.