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Empowering States' Rights To Protect Consumers Act of 2023

3/6/2024, 4:36 PM

Summary of Bill S 1934

Bill 118 s 1934, also known as the Empowering States' Rights To Protect Consumers Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to give individual states more power to protect consumers within their borders.

The bill aims to achieve this by granting states the authority to enforce consumer protection laws that are stricter than federal regulations. This means that states would be able to pass and enforce laws that provide greater protections for consumers in areas such as product safety, deceptive advertising, and unfair business practices.

Additionally, the bill includes provisions that would allow states to collaborate with each other in enforcing consumer protection laws. This would enable states to share resources and information, making it easier to crack down on companies that engage in fraudulent or harmful practices. Overall, the Empowering States' Rights To Protect Consumers Act of 2023 seeks to empower states to take a more active role in safeguarding the interests of consumers. By giving states more flexibility and authority in this area, the bill aims to create a more robust and effective system of consumer protection across the country.

Congressional Summary of S 1934

Empowering States' Rights To Protect Consumers Act of 2023

This bill limits the annual percentage rate applicable to any consumer credit transaction (other than a residential mortgage transaction), including any associated fees, to the maximum rate permitted by the laws of the state in which the consumer resides.

Current Status of Bill S 1934

Bill S 1934 is currently in the status of Bill Introduced since June 13, 2023. Bill S 1934 was introduced during Congress 118 and was introduced to the Senate on June 13, 2023.  Bill S 1934's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of June 13, 2023

Bipartisan Support of Bill S 1934

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
6
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 1934

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 1934

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.
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.

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