Reject the Rate Cap

Federal Rate Cap Legislation Filed in the House and Senate

Two federal rate cap bills were filed in the Senate and House and are both cited as the “Veterans and Consumers Fair Credit Act”. As the prior draft language reviewed by NPA’s Government Relations Committee indicated, these bills apply the Military Lending Act (MLA) 36% Annual Percentage Rate Cap to all consumers the same as if they were active duty members of the military, spouses or dependents.

The House bill is listed as H.R. 5050 sponsored by Rep. Jesus Garcia of Illinois. Co-sponsors thus far are Representatives Glenn Grothman-Wisconsin, Sylvia Garcia-Texas, and Al Green-Texas, and is bi-partisan.
 
A basically identical Senate bill is S. 2833 sponsored by Senator Jeff Merkley-Oregon, and the original co-sponsors are Senators Sherrod Brown-Ohio, Jack Reed-Rhode Island and Chris Van Hollen-Maryland.
 
Thank you to those who have already advised NPA Government Relations Liaison, Fran Bishop opens in a new windowfbishopdp1@gmail.com of contacts and lines of communication you have with Members of Congress. As we all know from constant media reports there is a lot happening on the Hill. However, as the filing of H.R. 5050 and S. 2833 indicate, there is plenty of attention being paid to other areas.    
 
NPA has finalized the Talking Points on H.R. 5050 and S. 2833…see below. Also, a template letter to get pawnbrokers a start on communicating with their Members of Congress. We hope pawnbrokers will be inspired to personalize the letter to reflect their community and customer needs.

NPA RATE CAP UPDATES