FAIR LENDING
THE FAIR LENDING AND DISCRIMINATION ACT
Discriminatory lending is unacceptable.
This issue is no longer hidden. Many banks, auto lenders, and credit card companies are involved. Not every financial institution is responsible, but many charge Black Americans higher rates. This is unacceptable. That is why I authored a draft bill called The Fair Lending and Discrimination Act. It caps different loan amounts and offers an independent review to anyone who takes out loans to see if they were taken advantage of or unfairly targeted with abnormally high interest rates. Below is the draft bill I authored to combat this.
Key Points:
Independent review process for loan discrimination
Caps on predatory loan amounts
Protection against racially discriminatory interest rates
Accountability for financial institutions
Independent review process for loan discrimination
Caps on predatory loan amounts
Protection against racially discriminatory interest rates
Accountability for financial institutions
The Fair Lending and Anti Discrimination Act - Draft Bill Summary. By Sean Hutchinson NV D3
1. Prohibition of Discriminatory Lending:
This bill prohibits financial institutions from imposing higher interest rates based on race,
particularly addressing and eliminating discriminatory practices against Black Americans.
2. Interest Rate Caps:
Personal Loans: Capped at a maximum interest rate of 22%.
Pre-Owned Car Loans: Capped at a maximum interest rate of 20%, regardless of the car’s age or price.
New Car Loans: Capped at a maximum interest rate of 15%.
Credit Cards: Capped at a maximum interest rate of 17%.
Title Loans: Capped at a maximum interest rate of 29%.
3. Independent Loan Review Opportunity:
Consumers will receive letters from independent third parties approved by the federal government, offering them the opportunity to have their loans reviewed. This review will determine if they were subjected to unfair or predatory lending practices.
4. Enforcement and Compliance:
The bill establishes enforcement mechanisms to ensure compliance with these standards and provides a clear process for consumers to report violations.
Help End Lending Discrimination
Join me in stopping the unfair practice of increasing interest rates because of a person's ethnicity or background. By putting a limit on interest rates, we can protect people who need emergency loans from being exploited by lenders.
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