S.Amdt. 31Senate109th Congress (2005-2007)

To limit the amount of interest that can be charged on any extension of credit to 30 percent.

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6 earlier actions

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Senate amendment not agreed to: Amendment SA 31 not agreed to in Senate by Yea-Nay Vote. 24 - 74. Record Vote Number: 20.

March 3, 2005

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Senate amendment not agreed to: Amendment SA 31 not agreed to in Senate by Yea-Nay Vote. 24 - 74. Record Vote Number: 20.

March 3, 2005

Floor

Roll call votes on amendments in Senate: Amendment SA 31 not agreed to in Senate by Yea-Nay Vote. 24 - 74. Record Vote Number: 20.

March 3, 2005

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Considered by Senate. (consideration: CR S1979, S1981-1982)

March 3, 2005

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Amendment SA 31 not agreed to in Senate by Yea-Nay Vote. 24 - 74. Record Vote Number: 20.

March 3, 2005

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Senate amendment submitted

March 2, 2005

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Senate amendment proposed (on the floor): Amendment SA 31 proposed by Senator Dayton.

March 2, 2005

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Amendment SA 31 proposed by Senator Dayton. (consideration: CR S1909-1911; text: CR S1910) To limit the amount of interest that can be charged on any extension of credit to 30 percent.

March 2, 2005

Votes

1 roll call on this amendment

SENATE

Roll Call Available

March 3, 2005 at 2:05 PM

On the Amendment S.Amdt. 31 to S. 256 (Bankruptcy Abuse Prevention and Consumer Protection Act of 2005)

Majority required: 1/2 (50%)

Failed

24 - 74

Text

Submitted

Proposed · Mar 2, 2005 Submitted · Mar 2, 2005

Formatted text PDF

SA 31. Mr. DAYTON proposed an amendment to the bill S. 256, to amend
title 11 of the United States Code, and for other purposes; as follows:

At the appropriate place, insert the following:

SEC. __. TERMS OF CONSUMER CREDIT.

(a) Cap on Interest Chargeable.--A creditor who extends
credit to any consumer shall not impose a rate of interest in
excess of an annual rate of 30 percent with respect to the
credit extended.
(b) Preemption of State Law.--The provisions governing
rates of interest under subsection (a) shall preempt all
State usury laws.
(c) Exemption to Preemption.--If a State imposes a limit on
the rate of interest chargeable to an extension of credit
that is less than the limit imposed under subsection (a),
that State law shall not be preempted and shall remain in
full force and effect in that State.
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