SAFE Lending Act of 2022
Summary
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Nov 2022
Committee Review
Floor Vote
President
Introduced Nov 16, 2022
Last action Nov 16, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Nov 16, 2022
Committee
Referred to the House Committee on Financial Services.
lower
Nov 16, 2022
Introduced
Introduced in House
lower
1 primary · 10 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Suzanne Bonamici
DDemocratic
Co
Earl Blumenauer
DDemocratic
Co
Eleanor Holmes Norton
DDemocratic
Co
Jackie Speier
DDemocratic
Co
Janice D. Schakowsky
DDemocratic
Co
Jesús G. "Chuy" García
DDemocratic
Co
Katie Porter
DDemocratic
Co
Pramila Jayapal
DDemocratic
Co
Raúl M. Grijalva
DDemocratic
Co
Sheila Jackson Lee
DDemocratic
Co
Sylvia R. Garcia
DDemocratic
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