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- H.R.5912
H.R.5912: Close the ILC Loophole Act
About This Bill
- Introduced Nov. 9, 2021
- Latest Major Action June 22, 2022
Bill Sponsor
Bill Cosponsors
3 (1 Democrat, 2 Republicans)
Bill Version
- Introduced in House - Nov. 9, 2021
Bill Summary
Close the ILC Loophole Act This bill limits the exemption from certain banking regulations applicable to industrial loan companies to those companies approved to receive Federal Deposit Insurance Corporation insurance before September 23, 2021, or companies with an application pending as of September 23, 2021. Industrial loan companies are state chartered institutions that provide several services similar to banks, such as originating loans...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| June 22, 2022 |
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 25.
|
| June 22, 2022 |
Committee Consideration and Mark-up Session Held.
|
| June 22, 2022 |
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 25.
|
| Nov. 9, 2021 |
Referred to the House Committee on Financial Services.
|
| Nov. 9, 2021 |
Introduced in the House by Jesús García (D-Ill.) |