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Full Text of this Amendment

SA 1060. Mr. WHITEHOUSE (for himself and Mr. SANDERS) submitted an amendment intended to be proposed by him to the bill H.R. 627, to amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes; which was ordered to lie on the table; as follows:

At the end of title I, add the following:
SEC. 112. LIMITS ON ANNUAL PERCENTAGE RATES.
Chapter 2 of the Truth In Lending Act (15 U.S.C. 1631 et seq.) is amended by adding at the end the following:
``SEC. 141. LIMITS ON ANNUAL PERCENTAGE RATES.
``Notwithstanding any other provision of law, the annual percentage rate applicable to any consumer credit transaction (other than a residential mortgage transaction), including any fees associated with such a transaction, may not exceed the maximum rate permitted by the laws of the State in which the consumer resides.''.
(As printed in the Congressional Record for the Senate on May 11, 2009.)