SAFE Lending Act of 2019
Latest action · Mar 5, 2019 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 5, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stopping Abuse and Fraud in Electronic Lending Act of 2019 or the SAFE Lending Act of 2019
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.
Cosponsors 18
Members who signed on, in the order they did. All signed on Mar 5, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Mar 5, 2019 |
| D-MD | Benjamin L. Cardin | Original | Mar 5, 2019 |
| I-VT | Bernard Sanders | Original | Mar 5, 2019 |
| D-MD | Chris Van Hollen | Original | Mar 5, 2019 |
| D-NJ | Cory A. Booker | Original | Mar 5, 2019 |
| D-CA | Dianne Feinstein | Original | Mar 5, 2019 |
| D-MA | Edward J. Markey | Original | Mar 5, 2019 |
| D-CA | Kamala D. Harris | Original | Mar 5, 2019 |
| D-NY | Kirsten E. Gillibrand | Original | Mar 5, 2019 |
| D-NM | Martin Heinrich | Original | Mar 5, 2019 |
| D-WA | Patty Murray | Original | Mar 5, 2019 |
| D-CT | Richard Blumenthal | Original | Mar 5, 2019 |
| D-IL | Richard J. Durbin | Original | Mar 5, 2019 |
| D-OR | Ron Wyden | Original | Mar 5, 2019 |
| D-WI | Tammy Baldwin | Original | Mar 5, 2019 |
Actions 2
Everything that happened, newest first.
- Mar 5, 2019Introduced in Senate
- Mar 5, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1509 | SAFE Lending Act of 2019 | Related bill | Mar 5, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Consumer credit
- Consumer Financial Protection Bureau
- Finance and Financial Sector
- Government studies and investigations
- Indian social and development programs
- Interest, dividends, interest rates
- Internet and video services
- Internet, web applications, social media
- Licensing and registrations
- Right of privacy
Text 1
Each version as it was printed, newest first.
- Mar 5, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.