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Extending Credit Protections to All Consumers

This act expands consumer credit protections, previously available only to military members and their families, to all citizens. It aims to limit interest rates and fees on most consumer loans, protecting individuals from predatory lending practices. Exclusions include residential mortgages, car loans secured by the vehicle, and loans from federal credit unions.
Key points
Limits on loan costs: Imposes caps on interest rates and fees for most consumer loans, similar to those protecting military personnel.
Increased protection from high-cost loans: Aims to prevent consumers from falling into debt due to excessively expensive credit.
Exclusions: Home mortgages, car loans secured by the vehicle, and federal credit union loans are not subject to these new limits.
Enhanced enforcement: State authorities, such as attorneys general, will have the power to enforce these new rules and protect consumers.
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Additional Information
Print number: 117_HR_5974
Sponsor: Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Process start date: 2021-11-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Veterans and Consumers Fair Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5974.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-15.

What are the main provisions?

Key points include:

  • Limits on loan costs: Imposes caps on interest rates and fees for most consumer loans, similar to those protecting military personnel.
  • Increased protection from high-cost loans: Aims to prevent consumers from falling into debt due to excessively expensive credit.
  • Exclusions: Home mortgages, car loans secured by the vehicle, and federal credit union loans are not subject to these new limits.
  • Enhanced enforcement: State authorities, such as attorneys general, will have the power to enforce these new rules and protect consumers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Garcia, Jesus G. "Chuy" [D-IL-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law