Bill113th Congress

H.R. 990

SAFE Lending Act of 2013

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Introduced
Mar 6, 2013
Origin Chamber
House
Policy Area
Finance and Financial Sector
Latest Action
Mar 6, 2013

Sponsor

Rep. Bonamici, Suzanne [D-OR-1]

Democrat·OR-1
Bioguide ID: B001278
First Name: Suzanne
Last Name: Bonamici
By Request: N
27
Cosponsors
1
Committees
3
Actions
0
Amendments
1
Related Bills
12
Subjects
1
Summaries
4
Titles
1
Text Versions

Bill Details

Update Date
Nov 15, 2022
Origin Chamber
House
Bill Type
HR
Bill Number
990
Congress
113
Introduced Date
Mar 6, 2013
Policy Area
Finance and Financial Sector
Is Law
No
Mar 6, 2013IntroReferralH11100

Referred to the House Committee on Financial Services.

Source: House floor actions

Mar 6, 2013IntroReferralIntro-H

Introduced in House

Source: Library of Congress

Mar 6, 2013IntroReferral1000

Introduced in House

Source: Library of Congress

Introduced in House· Mar 6, 20130

Stopping Abuse and Fraud in Electronic Lending Act of 2013 or SAFE Lending Act of 2013 - Amends the Electronic Fund Transfer Act to authorize the issuance of remotely created checks only if the consumer has designated in writing a person to issue them.

Defines a "remotely created check" as one that: (1) is not created by the financial institution that holds the customer account from which the check is to be paid; and (2) does not bear a signature applied, or purported to be applied, by the person from whose account the check is to be paid.

Treats as a preauthorized electronic fund transfer (EFT) subject to the protections of such Act any voluntary repayment by a consumer of an extension of a small-dollar ($5,000 or less) consumer credit transaction by means of an EFT.

Amends the Truth in Lending Act to require any small-dollar consumer credit transaction made over the Internet, telephone, FAX, mail, electronic mail, or other electronic communication, as well as any conducted by a national bank, to comply with the laws of the state in which the consumer resides with respect to annual percentage rates, interest, fees, charges, and such other matters as the Consumer Financial Protection Bureau (CFPB) may determine.

Prohibits a person from facilitating, brokering, arranging, gathering applications for, distributing sensitive personal financial information, or extending credit in connection with a small-dollar consumer credit transaction unless that person is directly providing the small-dollar consumer credit to the consumer.

Empowers the CFPB to investigate violations of this Act. Sets forth investigative and cease-and-desist enforcement procedures, particularly with respect to both covered onshore persons (state governments or Indian tribes) or offshore persons (which conduct business directed to U.S. residents but from a location outside, and without a domain name registered or assigned by an authority within, any U.S. judicial district).

Directs the Government Accountability Office (GAO) to study the availability of capital on Indian reservations and the impact that small-dollar consumer credit extended through Internet and non-Internet means to members of Indian tribes has had upon economic opportunity and wealth for tribal members.

Financial Services Committee

House· Standing
Administrative law and regulatory proceduresAdministrative remediesBank accounts, deposits, capitalBanking and financial institutions regulationCivil actions and liabilityCongressional oversightConsumer Financial Protection BureauConsumer creditGovernment studies and investigationsInternet and video servicesInternet, web applications, social mediaJurisdiction and venue

Introduced in House

Mar 6, 2013