Protecting Consumers' Access to Credit Act of 2017

Bill 115 hr 3299, also known as the Protecting Consumers' Access to Credit Act of 2017, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to amend the Truth in Lending Act to ensure that consumers have continued access to credit.

The bill aims to address concerns that certain court decisions have created uncertainty regarding the enforceability of interest rates on loans that are sold by banks to non-bank entities. This uncertainty has led to a decrease in the availability of credit for consumers, particularly those with lower credit scores or limited credit histories.

The Protecting Consumers' Access to Credit Act of 2017 seeks to clarify that interest rates on loans remain valid even after they are sold or transferred to a non-bank entity. This clarification is intended to promote the continued availability of credit for consumers and prevent disruptions in the credit market. Overall, the bill is designed to protect consumers' access to credit by ensuring that interest rates on loans remain enforceable, regardless of whether the loan is held by a bank or a non-bank entity. The bill aims to provide certainty and stability in the credit market, ultimately benefiting consumers who rely on credit for various financial needs.