H.R. 4694 · 111th Congress
Safe Affordable Small Dollar Loan Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Quigley14 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Safe Affordable Small Dollar Loan Act of 2010 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions or to any related partnership in order to enable such institutions to establish a loan-loss reserve…
What it does: CRS summary · Introduced in House · Feb 25, 2010
Safe Affordable Small Dollar Loan Act of 2010 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions or to any related partnership in order to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small dollar loan program.
Requires a community development financial institution to provide non-federal matching funds equal to 50% of the amount of any grant received.
Prohibits the use of such grants to make direct loans to consumers.
Permits a community development financial institution to use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small dollar loan program; and (2) designate and utilize a fiscal agent for services the agent normally provides.
Requires the Fund to make technical assistance grants to community development financial institutions to support and maintain a small dollar loan program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Safe Affordable Small Dollar Loan Act of 2010
Latest action (Feb 25, 2010): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Feb 25, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.