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S 3278 110th Congress Senate

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…

Official title: 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 … Show full official titleShow less

Official title: 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
Taxation AnnuitiesCredit cardsFinance and Financial SectorLabor and Employment
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LoansPension fundsTax-deferred compensation plans
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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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 Latest action July 17, 2008

Read twice and referred to the Committee on Finance.

 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.

 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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