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S 3278 110th Congress Senate Taxation Annuities Credit cards Finance and Financial Sector Labor and Employment Loans Pension funds Tax-deferred compensation plans

A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that…

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A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.

Introduced: July 17, 2008 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 17, 2008
Read twice and referred to the Committee on Finance.
Jul 17, 2008
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to: (1) prohibit tax-exempt employer pension or benefit plans from making a loan to any plan beneficiary through the use of a credit card or other intermediary; and (2) limit to three the number of loans a plan can make to a plan participant or beneficiary without tax consequences.

What's happening now July 17, 2008

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 6708 Related bill To amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using rev…
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 3278: A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.. 110th Congress. Open America. https://openamerica.io/bill/110-S-3278/
MLA
"S. 3278: A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-3278/.
Bluebook (legal)
S. 3278, 110th Cong. (2026), https://openamerica.io/bill/110-S-3278/.
Markdown link
[S. 3278: A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.](https://openamerica.io/bill/110-S-3278/)
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