US Congress House Bill 1509 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

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

Rep. Suzanne Bonamici [D-OR]

Rep. Elijah Cummings [D-MD]

Date	Chamber	Action
2019-03-05	House	Referred to the House Committee on Financial Services.
2019-03-05	House	Introduced in House

SB656 (Related) 2019-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/1509/all-info
Text	https://www.congress.gov/116/bills/hr1509/BILLS-116hr1509ih.pdf