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Consumer Credit Regulation: Texas

Legal Interest Rate: Tex. Const. art. 16, § 11; Tex. Fin. Code Ann. § 302.001 (West)

Contract: Tex. Const. art. 16, § 11; Tex. Fin. Code Ann. §§ 302.001, 302.002, 303.001 to 303.502 (West)

Judgment: Tex. Fin. Code Ann. §§ 304.001 to 304.007 (West)

Consumer Loans: Tex. Fin. Code Ann. §§ 342.051 to 342.560 (§ 342.201) (West); Tex. Fin. Code Ann. §§ 342.251 to 342.260 (West) (alternate charges for certain loans)

Consumer Credit Regulation: Utah

Legal Interest Rate: Utah Code Ann. § 15-1-1 (West)

Contract: Utah Code Ann. §§ 15-1-1 and 70C-2-101 (West)

Judgment: Utah Code Ann. § 15-1-4 (West)

Criminal Usury Cap: Utah Code Ann. § 76-6-520 (West)

Consumer Credit: Utah Code Ann. §§ 70C-1-101 to 70C-8-203 (§ 70C-2-101) (West), Utah UCCC

Life Insurance and Annuity Policy Loans: Utah Code Ann. § 31A-22-420 (West)

Auto Title Loans: Utah Code Ann. §§ 7-24-101 to 7-24-305 (West)

Consumer Credit Regulation: Vermont

Legal Interest Rate: Vt. Stat. Ann. tit. 9, § 41a

Contract: Vt. Stat. Ann. tit. 9, § 41a

Judgment: Vt. Stat. Ann. tit. 2, § 2903(c); Vt. R. App. P. 37; Vt. R. Civ. P. 69

Criminal Usury Cap: Vt. Stat. Ann. tit. 9, § 50

Small Loans: See Licensed Lender Act, below

Financial Institutions: Vt. Stat. Ann. tit. 8, §§ 10101 to 20106 (§ 14301(c))

Installment Loans: Vt. Stat. Ann. tit. 9, §§ 41a(b)(2), (5)

Consumer Credit Regulation: Virginia

Legal Interest Rate: Va. Code Ann. § 6.2-301

Contract: Va. Code Ann. § 6.2-303

Judgment: Va. Code Ann. § 6.2-302; Va. Code Ann. § 8.01-382 (prejudgment and postjudgment interest).

Small Loans: Va. Code Ann. §§ 6.2-1500 to 6.2-1543 (§ 6.2-1520) (consumer finance companies)

Industrial Loans: Va. Code Ann. § 6.2-320

Bank Installment Loans: Va. Code Ann. §§ 6.2-309, 6.2-310

Installment Sales: Va. Code Ann. §§ 6.2-309, 6.2-311, 6.2-314

Consumer Credit Regulation: Virgin Islands

Legal Interest Rate: V.I. Code Ann. tit. 11, § 951

Contract: V.I. Code Ann. tit. 11, § 951

Judgment: V.I. Code Ann. tit. 5, § 426

Small Loans: V.I. Code Ann. tit. 9, §§ 181 to 204 (§ 183) (small loan law)

Credit Cards: V.I. Code Ann. tit. 11, § 957

Life Insurance Policy Loans: V.I. Code Ann. tit. 22, § 958

Insurance Premium Finance: V.I. Code Ann. tit. 22, § 1634

Consumer Credit Regulation: Washington

Legal Interest Rate: Wash. Rev. Code § 19.52.010

Contract: Wash. Rev. Code § 19.52.010, 19.52.020

Judgment: Wash. Rev. Code § 4.56.110

Consumer Open- and Closed-End Loans: Wash. Rev. Code §§ 31.04.015 to 31.04.420 (§§ 31.04.015, 31.04.105, 31.04.115), Consumer Loan Act

Installment Finance—All Goods: Wash. Rev. Code §§ 63.14.010 to 63.14.926 (§ 63.14.130) (retail installment sales of goods and services)

Consumer Credit Regulation: West Virginia

Legal Interest Rate: W. Va. Code §§ 47-6-5 to 47-6-5c

Contract: W. Va. Code § 47-6-5. Alternative rates for loans and credit sales set by Lending and Credit Rate Board under W. Va. Code § 47A-1-1. Alternative bank rate set by Commissioner of Banking under W. Va. Code § 31A-4-30a

Judgment: W. Va. Code §§ 56-6-31 and 46A-3-111(f)

Criminal Usury Cap: W. Va. Code § 46A-5-103

Small Loans: W. Va. Code §§ 46A-1-101 to 46A-8-102 (§ 46A-4-107), Consumer Credit and Protection Act

Consumer Credit Regulation: Wisconsin

Legal Interest Rate: Wis. Stat. §§ 138.04, 138.05

Contract: Wis. Stat. §§ 138.04, 138.05

Judgment: Wis. Stat. §§ 814.04 and 815.05

Criminal Usury Cap: Wis. Stat. § 943.27

State Bank Loans: Wis. Stat. § 138.041

Small Loans: Wis. Stat. § 138.09, Precomputed Loan Law; Wis. Stat. §§ 421.101 to 427.105 (§ 422.201), Wis. UCCC

Credit Sales: Wis. Stat. §§ 421.101 to 427.105 (§ 422.201), Wis. UCCC

Installment Loans: Wis. Stat. § 138.05

Consumer Credit Regulation: Wyoming

Legal Interest Rate: Wyo. Stat. Ann. § 40-14-106

Contract: See rates specified in consumer sections of Wyo. UCCC (Wyo. Stat. Ann. §§ 40-14-101 to 40-14-700)

Judgment: Wyo. Stat. Ann. § 1-16-102

Consumer Supervised Loans; Licensed Lenders: Wyo. Stat. Ann. §§ 40-14-101 to 40-14-700 (§ 40-14-348) (includes revolving loans), Wyoming UCCC. Note: § 40-14-348 repealed effective July 1, 2021.

Consumer Credit Regulation: Introduction

The below regulations are as amended by the Department of Defense on July 22, 2015, effective October 3, 2016 for closed-end credit and October 3, 2017 for open-end credit. See 80 Fed. Reg. 43,559 (July 22, 2015).

Consumer Credit Regulation: 32 C.F.R. § 232.1 Authority, purpose, and coverage.

(a) Authority. This part is issued by the Department of Defense to implement 10 U.S.C. 987.

(b) Purpose. The purpose of this part is to impose limitations on the cost and terms of certain extensions of credit to Service members and their dependents, and to provide additional protections relating to such transactions in accordance with 10 U.S.C. 987.

Consumer Credit Regulation: 32 C.F.R. § 232.2 Applicability; examples.

(a)(1) Applicability. This part applies to consumer credit extended by a creditor to a covered borrower, as those terms are defined in this part. Nothing in this part applies to a credit transaction or account relating to a consumer who is not a covered borrower at the time he or she becomes obligated on a credit transaction or establishes an account for credit. Nothing in this part applies to a credit transaction or account relating to a consumer (which otherwise would be consumer credit) when the consumer no longer is a covered borrower.

Consumer Credit Regulation: 32 C.F.R. § 232.3 Definitions.

As used in this part:

(a) Affiliate means any person that controls, is controlled by, or is under common control with another person.

(b) Billing cycle has the same meaning as “billing cycle” in Regulation Z.

(c) Bureau means the Consumer Financial Protection Bureau.

(d) Closed-end credit means consumer credit (but for the conditions applicable to consumer credit under this part) other than consumer credit that is “open-end credit” as that term is defined in Regulation Z.

(e) Consumer means a natural person.

Consumer Credit Regulation: 32 C.F.R. § 232.5 Optional identification of covered borrower.

(a) No restriction on method for covered-borrower check. A creditor is permitted to apply its own method to assess whether a consumer is a covered borrower.

(b) Safe harbor.

(1) In general. A creditor may conclusively determine whether credit is offered or extended to a covered borrower, and thus may be subject to 10 U.S.C. 987 and the requirements of this part, by assessing the status of a consumer in accordance with this paragraph (b).

Consumer Credit Regulation: 32 C.F.R. § 232.6 Mandatory loan disclosures.

(a) Required information. With respect to any extension of consumer credit (including any consumer credit originated or extended through the internet) to a covered borrower, a creditor shall provide to the covered borrower the following information before or at the time the borrower becomes obligated on the transaction or establishes an account for the consumer credit:

(1) A statement of the MAPR applicable to the extension of consumer credit;

Consumer Credit Regulation: 32 C.F.R. § 232.7 Preemption.

(a) Inconsistent laws. 10 U.S.C. 987 as implemented by this part preempts any State or Federal law, rule or regulation, including any State usury law, to the extent such law, rule or regulation is inconsistent with this part, except that any such law, rule or regulation is not preempted by this part to the extent that it provides protection to a covered borrower greater than those protections provided by 10 U.S.C. 987 and this part.

(b) Different treatment under State law of covered borrowers is prohibited. A State may not:

Consumer Credit Regulation: 32 C.F.R. § 232.9 Penalties and remedies.

(a) Misdemeanor. A creditor who knowingly violates 10 U.S.C. 987 as implemented by this part shall be fined as provided in title 18, United States Code, or imprisoned for not more than one year, or both.

(b) Preservation of other remedies. The remedies and rights provided under 10 U.S.C. 987 as implemented by this part are in addition to and do not preclude any remedy otherwise available under State or Federal law or regulation to the person claiming relief under the statute, including any award for consequential damages and punitive damages.

Consumer Credit Regulation: 32 C.F.R. § 2321.0 Administrative enforcement.

The provisions of this part, other than § 232.9(a), shall be enforced by the agencies specified in section 108 of the Truth in Lending Act (15 U.S.C. 1607) in the manner set forth in that section or under any other applicable authorities available to such agencies by law.

[80 Fed. Reg. 43,606 (July 22, 2015)]

Consumer Credit Regulation: 32 C.F.R. § 2321.2 Effective dates.

(a) In general. This regulation shall take effect October 1, 2015, except that, other than as provided in this section and in § 232.13(b)(1), nothing in this part shall apply to consumer credit that is extended to a covered borrower and consummated before October 3, 2016.

Consumer Credit Regulation: 32 C.F.R. § 2321.3 Compliance dates.

(a) In general. Except as provided in paragraph (c) of this section, a creditor must comply with the requirements of this part, as may be applicable, with respect to a consumer credit transaction or account for consumer credit consummated or established on or after October 3, 2016, not later than that date.

(b) Safe harbors for identifying a covered borrower.

(1) New safe harbors. Section 232.5 shall apply October 3, 2016.