Sec. 333. State and tribal payday loan regulation 5-year exemption
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/bill/114/hr/5983/rh/section-333A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1022 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512 ) is amended by adding at the end the following: With respect to a final rule or regulation issued by the Bureau of Consumer Financial Protection to regulate payday loans, vehicle title loans, or other similar loans, if a State or a federally recognized Indian tribe requests, in writing, for the Commission to provide the State or tribe with a waiver from such rule or regulation, the Commission shall grant a 5-year waiver to such State or tribe, during which such rule or regulation shall not apply within such State or land held in trust for the benefit of such federally recognized Indian tribe.
A State or a federally recognized Indian tribe receiving a waiver under paragraph
(1)shall have the right to an unlimited number of 5-year extensions of such waiver, which shall be granted upon the request, in writing, for such waiver by the State or tribe. .
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Sec. 333
State and tribal payday loan regulation 5-year exemption
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