S.Amdt. 1060

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.''.

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