Small Business and Consumer Emergency Credit Act

Senate Bill 3560 - Small Business and Consumer Emergency Credit Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:23:06Z

Explore the details of Senate Bill 3560 Small Business and Consumer Emergency Credit Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/8/2022, 11:23 PM

Congressional Summary of S 3560

Small Business and Consumer Emergency Credit Act

This bill applies certain military consumer credit protections to all consumers, tax-exempt charitable organizations, and small businesses for credit extended during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Specifically, the bill caps the interest rate on an extension of consumer credit at 36%.

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Current Status of Bill S 3560

Bill S 3560 is currently in the status of Bill Introduced since March 22, 2020. Bill S 3560 was introduced during Congress 116 and was introduced to the Senate on March 22, 2020. Bill S 3560's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of May 12, 2020

Bipartisan Support of Bill S 3560

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3560

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Cardiovascular and respiratory health

- Civil actions and liability

- Consumer credit

- Emergency medical services and trauma care

- Infectious and parasitic diseases

- Interest, dividends, interest rates

- Small business

- Social work, volunteer service, charitable organizations

- State and local government operations

Alternate Title(s) of Bill S 3560

Small Business and Consumer Emergency Credit Act

A bill to amend the Truth in Lending Act to extend the consumer credit protections provided to members of the Armed Forces and their dependents under title 10, United States Code, to all consumers.