S. 172: SAFE Lending Act of 2013

Introduced:
Jan 29, 2013 (113th Congress, 2013–2015)
Sponsor:
Sen. Jeff Merkley [D-OR]
Status:
Referred to Committee
See Instead:

H.R. 990 (same title)
Referred to Committee — Mar 06, 2013

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was assigned to a congressional committee on January 29, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jan 29, 2013
Referred to Committee Jan 29, 2013
Reported by Committee ...
Passed Senate ...
Passed House ...
Signed by the President ...
Prognosis

2% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
5 cosponsors (5D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Truth in Lending Act to address certain issues related to the extension of consumer credit, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jan 29, 2013.
33 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/29/2013--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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