To amend the Truth in Lending Act to address certain issues related to the extension of consumer credit, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Stopping Abuse and Fraud in Electronic Lending Act of 2012'' or the ``SAFE Lending Act of 2012''.
SEC. 2. CONSUMER CONTROL OVER BANK ACCOUNTS.
(a) Prohibiting Unauthorized Remotely Created Checks.--Section 905 of the Electronic Fund Transfer Act (15 U.S.C. 1693c) is amended by adding at the end the following: ``(d) Limitations on Remotely Created Checks.-- ``(1) In general.--Subject to the limitations set forth under paragraph (2) and any additional limitations that the Bureau may establish, by rule, a remotely created check may only be issued by a person designated in writing by the consumer, such designation specifically provided in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is to be drawn. ``(2) Additional limitations.-- ``(A) In general.--An authorization provided under paragraph (1) may be revoked at any time by the consumer. ``(B) Consumer financial protection laws.--No payment order, including a remotely created check, may be issued by any person in response to the exercise of, or attempt to exercise, any rights by a consumer under any Federal consumer financial law (as defined in section 1002(14) of the Consumer Financial Protection Act of 2010 (12 U.S.C....