SAFE Lending Act of 2024
The SAFE Lending Act of 2024 establishes new protections for consumers in small-dollar lending (transactions under $5,000, adjusted annually for inflation). It requires lenders to register with the Consumer Financial Protection Bureau before issuing small-dollar loans, prohibits unauthorized remotely created checks without explicit consumer authorization, and bans certain fees for prepaid accounts. The bill also restricts lead generation for small-dollar credit, requiring that anyone gathering applications must directly provide the credit. Additionally, it mandates a study on small-dollar credit access for Native American tribes on reservations to assess economic impacts.
Bill status
in committee
1 of 4 stages cleared
Introduction
Sep 2024
Committee Review
Floor Vote
President
Introduced Sep 19, 2024
Last action Sep 19, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Sep 19, 2024
Committee
Referred to the House Committee on Financial Services.
lower
Sep 19, 2024
Introduced
Introduced in House
lower
1 primary · 4 co-sponsors
Sponsors
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