US Congress Senate Bill 656 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 18-1)
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs 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

Sen. Jeff Merkley [D-OR]	Sen. Kamala Harris [D-CA]	Sen. Edward Markey [D-MA]	Sen. Richard Blumenthal [D-CT]
Sen. Patty Murray [D-WA]	Sen. Cory Booker [D-NJ]	Sen. Ron Wyden [D-OR]	Sen. Tammy Duckworth [D-IL]
Sen. Dianne Feinstein [D-CA]	Sen. Richard Durbin [D-IL]	Sen. Tom Udall [D-NM]	Sen. Chris Van Hollen [D-MD]
Sen. Tina Smith [D-MN]	Sen. Bernard Sanders [I-VT]	Sen. Amy Klobuchar [D-MN]	Sen. Kirsten Gillibrand [D-NY]
Sen. Tammy Baldwin [D-WI]	Sen. Benjamin Cardin [D-MD]	Sen. Martin Heinrich [D-NM]

Date	Chamber	Action
2019-03-05	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB1509 (Related) 2019-03-05 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/656/all-info
Text	https://www.congress.gov/116/bills/s656/BILLS-116s656is.pdf