legislation: 117-s-5099

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-s-5099 117 s 5099 SAFE Lending Act of 2022 Finance and Financial Sector 2022-11-16 2022-11-16 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Merkley, Jeff [D-OR] OR D M001176 13 Stopping Abuse and Fraud in Electronic Lending Act of 2022 or the SAFE Lending Act of 2022 This bill 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. 2023-02-10T05:24:43Z https://www.congress.gov/bill/117th-congress/senate-bill/5099

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