Legis Daily

SAFE Lending Act of 2019

USA116th CongressS-656| Senate 
| Updated: 3/5/2019
Jeff Merkley

Jeff Merkley

Democratic Senator

Oregon

Cosponsors (18)
Tammy Duckworth (Democratic)Tom Udall (Democratic)Dianne Feinstein (Democratic)Richard J. Durbin (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Kamala D. Harris (Democratic)Amy Klobuchar (Democratic)Chris Van Hollen (Democratic)Martin Heinrich (Democratic)Patty Murray (Democratic)Tina Smith (Democratic)Bernard Sanders (Independent)Tammy Baldwin (Democratic)Cory A. Booker (Democratic)Benjamin L. Cardin (Democratic)Ron Wyden (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 5, 2019

Latest Companion Bill Action

HR 116-1509
Introduced in House
Mar 5, 2019
Introduced in Senate
Mar 5, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 5, 2019

    Latest Companion Bill Action

    HR 116-1509
    Introduced in House


  • March 5, 2019
    Introduced in Senate


  • March 5, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 116-1509: SAFE Lending Act of 2019
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer creditConsumer Financial Protection BureauGovernment studies and investigationsIndian social and development programsInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaLicensing and registrationsRight of privacy

SAFE Lending Act of 2019

USA116th CongressS-656| Senate 
| Updated: 3/5/2019
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 5, 2019

Latest Companion Bill Action

HR 116-1509
Introduced in House
Mar 5, 2019
Introduced in Senate
Mar 5, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • March 5, 2019

    Latest Companion Bill Action

    HR 116-1509
    Introduced in House


  • March 5, 2019
    Introduced in Senate


  • March 5, 2019
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jeff Merkley

Jeff Merkley

Democratic Senator

Oregon

Cosponsors (18)
Tammy Duckworth (Democratic)Tom Udall (Democratic)Dianne Feinstein (Democratic)Richard J. Durbin (Democratic)Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Kamala D. Harris (Democratic)Amy Klobuchar (Democratic)Chris Van Hollen (Democratic)Martin Heinrich (Democratic)Patty Murray (Democratic)Tina Smith (Democratic)Bernard Sanders (Independent)Tammy Baldwin (Democratic)Cory A. Booker (Democratic)Benjamin L. Cardin (Democratic)Ron Wyden (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 116-1509: SAFE Lending Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationCongressional oversightConsumer creditConsumer Financial Protection BureauGovernment studies and investigationsIndian social and development programsInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaLicensing and registrationsRight of privacy