HR 4694 111th Congress House Housing and Community Development Community Development Financial Institutions Fund Government lending and loan guarantees Housing and community development funding

Safe Affordable Small Dollar Loan Act of 2010

Introduced: February 25, 2010 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 25, 2010

Referred to the House Committee on Financial Services.

Feb 25, 2010

Introduced in House

Plain-English summary Congressional Research Service

Safe Affordable Small Dollar Loan Act of 2010 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions or to any related partnership in order to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small dollar loan program.

Requires a community development financial institution to provide non-federal matching funds equal to 50% of the amount of any grant received.

Prohibits the use of such grants to make direct loans to consumers.

Permits a community development financial institution to use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small dollar loan program; and (2) designate and utilize a fiscal agent for services the agent normally provides.

Requires the Fund to make technical assistance grants to community development financial institutions to support and maintain a small dollar loan program.

What's happening now February 25, 2010

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1