A bill to authorize loans at interest rates in excess of certain State usury ceilings.

Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to permit any person or organization to charge interest at one percent in excess of the discount rate in effect in their Federal Reserve district notwithstanding lower State usury ceilings. Penalizes the charging of interest in excess of such rate by forfeiture of the creditor's entire interest in the indebtedness.

Makes the provisions of this Act effective with respect to loans made in any State during the period beginning on July 1, 1981, and ending on the earlier of: (1) April 1, 1983; or (2) the date, on or after July 1, 1981, on which a State adopts a law or notes in favor of a referendum rejecting the application of this Act to loans made in such State. Provides for application of this Act to loans made in such a State during the eligibility period but before the adoption of such a law or the passage of such a referendum.

States that the provisions of this Act do not apply to any loan secured by a residential manufactured home unless the loan meets specified requirements.