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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
Daniel T. Kildee

Daniel T. Kildee

Democratic Representative

Michigan

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
May 25, 2017
Introduced in House
May 25, 2017
Referred to the House Committee on Armed Services.
Jun 16, 2017
Referred to the Subcommittee on Military Personnel.
  • May 25, 2017
    Introduced in House


  • May 25, 2017
    Referred to the House Committee on Armed Services.


  • June 16, 2017
    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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 25, 2017
Introduced in House
May 25, 2017
Referred to the House Committee on Armed Services.
Jun 16, 2017
Referred to the Subcommittee on Military Personnel.
  • May 25, 2017
    Introduced in House


  • May 25, 2017
    Referred to the House Committee on Armed Services.


  • June 16, 2017
    Referred to the Subcommittee on Military Personnel.
Daniel T. Kildee

Daniel T. Kildee

Democratic Representative

Michigan

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