S. 5099 · 117th Congress
SAFE Lending Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MerkleySponsor13 cosponsors · 12 D, 1 I
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Blumenthal
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Booker
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Durbin
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Duckworth
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Feinstein
KG
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Gillibrand
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Heinrich
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Markey
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Sanders
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Smith
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Van Hollen
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Wyden
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Luján12 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Stopping Abuse and Fraud in Electronic Lending Act of 2022 or the SAFE Lending Act of 2022
What it does: CRS summary · Introduced in Senate · Nov 16, 2022
Stopping Abuse and Fraud in Electronic Lending Act of 2022 or the SAFE Lending Act of 2022
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SAFE Lending Act of 2022
Also known as: Stopping Abuse and Fraud in Electronic Lending Act of 2022
Latest action (Nov 16, 2022): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 16, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.