S. 187
Deceptive Loan Check Elimination Act
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor
Sen. Merkley, Jeff [D-OR]
Bill Details
- Update Date
- Mar 3, 2022
- Origin Chamber
- Senate
- Bill Type
- S
- Bill Number
- 187
- Congress
- 113
- Introduced Date
- Jan 30, 2013
- Policy Area
- Finance and Financial Sector
- Is Law
- No
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: Senate
Introduced in Senate
Source: Library of Congress
Deceptive Loan Check Elimination Act - Amends the Truth in Lending Act (TILA) to prohibit a person from extending any consumer credit through the use by the consumer of a check or other negotiable instrument sent by the creditor to solicit an extension of consumer credit, unless the consumer has requested it in writing.
States that a nonnegotiable instrument that has the appearance of a negotiable instrument in connection with a solicitation for an extension of credit is not an application or request for purposes of this Act.
Shields a consumer from liability for: (1) the principal amount of a negotiable instrument sent in violation of this Act; or (2) any interest, fee, or penalty charged in connection with such negotiable instrument.
Prohibits any information relating to the liability of a consumer alleged by a creditor to have been established through a negotiable instrument sent in violation of this Act from being either reported to or received by any consumer reporting agency, or from being included in any consumer report.
Banking, Housing, and Urban Affairs Committee
Introduced in Senate
Jan 30, 2013