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S 1595 111th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Consumer credit Federal Reserve System

Deceptive Loan Check Elimination Act

Introduced: August 6, 2009 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 6, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Aug 6, 2009
Sponsor introductory remarks on measure. (CR S9004)
Aug 6, 2009
Introduced in Senate
 Plain-English summary Congressional Research Service

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 consumer reporting agency, or from being included in any consumer report.

What's happening now August 6, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1