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S.172: SAFE Lending Act of 2013
About this Bill
|You can||read the bill|
|Sponsor||Jeff Merkley, D-Ore.|
|Total Cosponsors||5 (All Democrats)|
|Introduced||Jan. 29, 2013|
|Latest Major Action||Jan. 29, 2013|
|See it on||GovTrack|
|See it on||C-SPAN|
- Bill introduced in the Senate
- Bill passed in the Senate
- Bill passed in the House
- Bill signed into law
Stopping Abuse and Fraud in Electronic Lending Act of 2013 or SAFE Lending Act of 2013 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them.
Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid.
Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT.
Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communicati...
(Source: Congressional Research Service)
|Jan. 29, 2013||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|