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S.187: Deceptive Loan Check Elimination Act
About this Bill
|You can||read the bill|
|Sponsor||Jeff Merkley, D-Ore.|
|Total Cosponsors||2 (All Democrats)|
|Introduced||Jan. 30, 2013|
|Latest Major Action||Jan. 30, 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
Deceptive Loan Check Elimination Act - Amends the Truth in Lending Act (TILA) to prohibit a person from extending any consumer credit through the use by the consumer of a check or other negotiable instrument sent by the creditor to solicit an extension of consumer credit, unless the consumer has requested it in writing.
States that a nonnegotiable instrument that has the appearance of a negotiable instrument in connection with a solicitation for an extension of credit is not an application or request for purposes of this Act.
Shields a consumer from liability for: (1) the principal amount of a negotiable instrument sent in violation of this Act; or (2) any interest, fee, or penalty charged in connection with such negotiable instrument.
Prohibits any information relating to the liability of a consumer alleged by a creditor to have been established through a negotiable instrument sent in violation of this Act from being either reported to or received by any co...
(Source: Congressional Research Service)
|Jan. 30, 2013||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|