To amend title 10, United States Code, to require additional disclosures by creditors when lending to members of the Armed Forces and their dependents, and for other purposes.
Military Personnel Subcommittee, Armed Services Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Transparency in Military Lending Act of 2017 This bill requires a creditor to provide to a member of the Armed Forces on active regular, reserve, or National Guard duty or such member's dependent, with respect to any extension of consumer credit, and to obtain the member's or dependent's signed acknowledgement of: (1) a statement that the Department of Defense (DOD) and each service branch offers a variety of financial counseling services; (2) a statement that other, potentially lower interest rate loans may be available through other financial institutions and military relief societies; (3) contact information for the nearest DOD financial counseling office; and (4) a statement of the actual cost of the extension of credit when paid off at different points over time. DOD shall prepare a list of DOD financial counseling offices and make such list available to creditors and the public.
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Timeline
Introduced in House
Referred to the House Committee on Armed Services.
Referred to the Subcommittee on Military Personnel.
Introduced in House
Referred to the House Committee on Armed Services.
Referred to the Subcommittee on Military Personnel.
Armed Forces and National Security
Consumer affairsConsumer creditFinancial services and investmentsGovernment information and archivesInterest, dividends, interest ratesMilitary personnel and dependents
To amend title 10, United States Code, to require additional disclosures by creditors when lending to members of the Armed Forces and their dependents, and for other purposes.
USA115th CongressHR-2697| House
| Updated: 6/16/2017
Transparency in Military Lending Act of 2017 This bill requires a creditor to provide to a member of the Armed Forces on active regular, reserve, or National Guard duty or such member's dependent, with respect to any extension of consumer credit, and to obtain the member's or dependent's signed acknowledgement of: (1) a statement that the Department of Defense (DOD) and each service branch offers a variety of financial counseling services; (2) a statement that other, potentially lower interest rate loans may be available through other financial institutions and military relief societies; (3) contact information for the nearest DOD financial counseling office; and (4) a statement of the actual cost of the extension of credit when paid off at different points over time. DOD shall prepare a list of DOD financial counseling offices and make such list available to creditors and the public.
Military Personnel Subcommittee, Armed Services Committee
Armed Forces and National Security
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Consumer affairsConsumer creditFinancial services and investmentsGovernment information and archivesInterest, dividends, interest ratesMilitary personnel and dependents