H.R. 4018: Consumer Protection and Choice Act

114th Congress · introduced 2015-11-16 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2015-11-16 · official record
Who proposed it: Rep. Ross, Dennis A. [R-FL-15] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Consumer Protection and Choice Act

Plain summary

Consumer Protection and Choice Act This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act. A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption. If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state. Such a state law must: require a provider to be licensed by the state; establish a transaction database; require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction; require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled; require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours; require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency. The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Consumer Protection and Choice Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Ross, Dennis A. [R-FL-15] · 24 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mario Diaz-Balart (R-FL), Marsha Blackburn (R-TN), Debbie Wasserman Schultz (D-FL), Austin Scott (R-GA), Trent Kelly (R-MS), Lois Frankel (D-FL), Henry Cuellar (D-TX), Kathy Castor (D-FL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr4018.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr4018 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114