S 656 116th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Consumer Financial Protection Bureau Consumer credit Government studies and investigations Indian social and development programs Interest, dividends, interest rates Internet and video services Internet, web applications, social media Licensing and registrations Right of privacy

SAFE Lending Act of 2019

Introduced: March 5, 2019 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 5, 2019

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

Mar 5, 2019

Introduced in Senate

Plain-English summary Congressional Research Service

Stopping Abuse and Fraud in Electronic Lending Act of 2019 or the SAFE Lending Act of 2019

This bill revises requirements related to consumer financial protection and small-dollar lending, including matters concerning remotely created checks, electronic fund transfers, registration of small-dollar lenders, overdraft fees, and the collection of personal information.

Under the bill, remotely created checks may only be issued by a person specifically designated in writing by a consumer and provided to the consumer's depository institution. (A remotely created check is a check not issued by the bank and not signed by the account owner.)

A voluntary agreement to repay a small-dollar consumer credit transaction by an electronic fund transfer is subject to certain protections, including the right of the consumer to stop payment.

Small-dollar consumer credit providers must register with the Consumer Financial Protection Bureau. Any small-dollar consumer credit transaction is subject to the laws of the state in which the consumer resides.

The bill also prohibits overdraft fees on prepaid accounts.

What's happening now March 5, 2019

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

Committees of jurisdiction 1