US HB6483 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Democrat 10-0)
Status: Introduced on September 21 2012 - 25% progression, died in committee
Action: 2012-10-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 21 2012 - 25% progression, died in committee
Action: 2012-10-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Stopping Abuse and Fraud in Electronic Lending Act of 2012 or SAFE Lending Act of 2012 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them. Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid. Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT. Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communication, as well as any conducted by an insured depository institution, to comply with the laws of the state in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other matters as the Consumer Financial Protection Bureau (CFPB) may determine. Prohibits persons engaged in the business of facilitating, brokering, arranging, gathering applications for, distributing sensitive personal financial information, or extending credit in connection with a small-dollar consumer credit transaction unless that person is directly extending the small-dollar consumer credit to the consumer. Subjects violators of this Act to civil liability. Empowers the CFPB to investigate violations of this Act. Sets forth investigative and cease-and-desist enforcement procedures, particularly with respect to offshore persons conducting business directed to U.S. residents but from a location outside any U.S. judicial district. Directs the Government Accountability Office (GAO) to study the availability of capital on Indian reservations and the impact that small-dollar consumer credit extended through Internet and non-Internet means to members of Indian tribes has had upon economic opportunity and wealth for tribal members.
Title
SAFE Lending Act of 2012
Sponsors
Rep. Suzanne Bonamici [D-OR] | Rep. Earl Blumenauer [D-OR] | Rep. Judy Chu [D-CA] | Rep. Hansen Clarke [D-MI] |
Rep. Susan Davis [D-CA] | Rep. Rosa DeLauro [D-CT] | Rep. Keith Ellison [D-MN] | Rep. Bob Filner [D-CA] |
Rep. Raul Grijalva [D-AZ] | Rep. John Sarbanes [D-MD] |
History
Date | Chamber | Action |
---|---|---|
2012-10-23 | House | Referred to the Subcommittee on Financial Institutions and Consumer Credit. |
2012-09-21 | House | Referred to the House Committee on Financial Services. |
Same As/Similar To
SB3426 (Related) 2012-07-24 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Administrative law and regulatory procedures
Administrative remedies
Bank accounts, deposits, capital
Banking and financial institutions regulation
Civil actions and liability
Congressional oversight
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Government studies and investigations
Internet and video services
Jurisdiction and venue
Administrative remedies
Bank accounts, deposits, capital
Banking and financial institutions regulation
Civil actions and liability
Congressional oversight
Consumer credit
Consumer Financial Protection Bureau
Finance and financial sector
Government studies and investigations
Internet and video services
Jurisdiction and venue
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/house-bill/6483/all-info |
Text | https://www.congress.gov/112/bills/hr6483/BILLS-112hr6483ih.pdf |