WASHINGTON, D.C - U.S. Representative Ron Lewis recently announced his support and co-sponsorship of the Servicemembers Anti-Predatory Lending Protection Act (H.R. 97), legislation introduced by Rep. Sam Graves (R-MO) to tighten laws governing terms of consumer credit extended by creditors to members of the armed services and their dependents.

“I am proud to be a cosponsor of this important bill,” said Lewis. “Our men and women in uniform should not fall victim to the deceptive schemes of greedy lenders. We owe it to them to do all that we can to protect their safety and financial well-being while they defend our freedom.” 

The Servicemembers Anti-Predatory Lending Protection Act will prevent predatory lending practices by prohibiting creditors from imposing annual percentage rates greater than 36 percent on extended consumer credit. The bill also sets forth mandatory loan disclosures concerning annual percentage rates and payment obligations. H.R. 97 also includes a provision to preempt any state or federal law, rule or regulation inconsistent with the Act.

“I salute my colleague for introducing this bill,” said Lewis. “I hope the entire Congress will demonstrate their continued support for our troops and their families by bringing this bill up for a quick vote and passing it into law. We must act to stop these predatory lenders from making fast money at the expense of the heroic men and women of the United States Military."

An identical provision was incorporated into the Department of Defense Appropriations

Act for Fiscal Year 2007 passed in the U.S. Senate in June. House and Senate leaders will further consider the measure in conference later this year.

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