S. 3560 · 116th Congress
Small Business and Consumer Emergency Credit Act
- Stage
- In committee
- Sponsor
- Chris Van Hollen
- Introduced
- 2020-03-22
- Latest action
- 2020-05-12 · Committee on Banking, Housing, and Urban Affairs. Hearings held.
Summary
Small Business and Consumer Emergency Credit Act
This bill applies certain military consumer credit protections to all consumers, tax-exempt charitable organizations, and small businesses for credit extended during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Specifically, the bill caps the interest rate on an extension of consumer credit at 36%.