SAFE Lending Act of 2024

Finance and Financial Sector

house

senate

president

Introduced on September 19, 2024 by Suzanne Bonamici

Legislation Details

Amends the Truth in Lending Act to enhance consumer protections in the extension of consumer credit.
Prohibits unauthorized remotely created checks, requiring written designation by consumers for such checks.
Allows consumers to revoke their designation for remotely created checks at any time.
Treats electronic fund transfers for small-dollar credit transactions as preauthorized electronic fund transfers, providing additional consumer protections.
Establishes a registration requirement for small-dollar lenders with the Bureau of Consumer Financial Protection.
Defines small-dollar consumer credit transactions and sets limits on the amount and terms of such transactions.
Requires compliance with state laws regarding interest rates and fees for small-dollar credit transactions conducted online or through electronic means.
Prohibits certain fees related to prepaid accounts, including overdraft fees.
Restricts lead generation practices in small-dollar consumer credit transactions, requiring disclosure of contact information for those facilitating such transactions.
Mandates a study by the Comptroller General on the availability of capital on Indian reservations and the impact of small-dollar credit on economic opportunities for tribal members.
Requires the Bureau of Consumer Financial Protection to adopt final rules to implement the provisions of the Act within one year of enactment.

Last updated 12/17/2024

Amends the Truth in Lending Act to enhance consumer protections in the extension of consumer credit.
Prohibits unauthorized remotely created checks, requiring written designation by consumers for such checks.
Allows consumers to revoke their designation for remotely created checks at any time.
Treats electronic fund transfers for small-dollar credit transactions as preauthorized electronic fund transfers, providing additional consumer protections.
Establishes a registration requirement for small-dollar lenders with the Bureau of Consumer Financial Protection.
Defines small-dollar consumer credit transactions and sets limits on the amount and terms of such transactions.
Requires compliance with state laws regarding interest rates and fees for small-dollar credit transactions conducted online or through electronic means.
Prohibits certain fees related to prepaid accounts, including overdraft fees.
Restricts lead generation practices in small-dollar consumer credit transactions, requiring disclosure of contact information for those facilitating such transactions.
Mandates a study by the Comptroller General on the availability of capital on Indian reservations and the impact of small-dollar credit on economic opportunities for tribal members.
Requires the Bureau of Consumer Financial Protection to adopt final rules to implement the provisions of the Act within one year of enactment.