Sec. 3. Consistent application of law for small-dollar lending
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The Truth in Lending Act ( 15 U.S.C. 1601 et seq. ) is amended by inserting after section 109 the following: Notwithstanding any other provision of law, and except to the extent that Federal or applicable tribal law affords greater protection to the consumer, any small-dollar consumer credit transaction made over the Internet, telephone, facsimile, mail, electronic mail, or other electronic communication, and any small-dollar consumer credit transaction conducted by a national bank shall comply with the laws of the State in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other similar or related matters as the Bureau may, by rule, determine.
As used in this section, the term small-dollar consumer credit transaction means any transaction that extends, facilitates, brokers, arranges, or gathers applications for credit that is— made to a consumer in an amount of not more than $5,000, or such greater amount as the Bureau may, by rule, determine, such amount to be adjusted annually to reflect changes in the Consumer Price Index for all urban consumers published by the Department of Labor; and extended pursuant to an agreement that is— other than an open-end credit plan and is payable in one or more installments of less than 12 months (or such longer period as the Bureau may, by rule, determine); an open-end credit plan in which each advance is fully repayable within a defined time or in connection with a defined event, or both; or such other plan as the Bureau determines, by rule. .
Section 130 of the Truth in Lending Act ( 15 U.S.C. 1640 ) is amended by inserting section 110, before or chapter 4 .
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