US HB1509 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Revises requirements related to consumer financial protection and small-dollar lending, including matters concerning remotely created checks, electronic fund transfers, registration of small-dollar lenders, overdraft fees, and the collection of personal information. Under the bill, remotely created checks may only be issued by a person specifically designated in writing by a consumer and provided to the consumer's depository institution. (A remotely created check is a check not issued by the bank and not signed by the account owner.) A voluntary agreement to repay a small-dollar consumer credit transaction by an electronic fund transfer is subject to certain protections, including the right of the consumer to stop payment. Small-dollar consumer credit providers must register with the Consumer Financial Protection Bureau. Any small-dollar consumer credit transaction is subject to the laws of the state in which the consumer resides. The bill also prohibits overdraft fees on prepaid accounts.

Tracking Information

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Title

SAFE Lending Act of 2019 Stopping Abuse and Fraud in Electronic Lending Act of 2019

Sponsors


History

DateChamberAction
2019-03-05HouseReferred to the House Committee on Financial Services.
2019-03-05HouseIntroduced in House

Same As/Similar To

SB656 (Related) 2019-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects


US Congress State Sources


Bill Comments

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