US SB1595 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on August 6 2009 - 25% progression, died in chamber
Action: 2009-08-06 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on August 6 2009 - 25% progression, died in chamber
Action: 2009-08-06 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Deceptive Loan Check Elimination Act
Sponsors
Sen. Al Franken [D-MN] | Sen. Jeff Merkley [D-OR] | Sen. Sheldon Whitehouse [D-RI] |
History
Date | Chamber | Action |
---|---|---|
2009-08-06 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | |
2009-08-06 | Sponsor introductory remarks on measure. (CR S9004) |
Subjects
Administrative law and regulatory procedures
Banking and financial institutions regulation
Consumer credit
Federal Reserve System
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/senate-bill/1595/all-info |
Text | https://www.congress.gov/111/bills/s1595/BILLS-111s1595is.pdf |