Summary

1/30/2013--Introduced.Deceptive Loan Check Elimination Act - Amends the Truth in Lending Act (TILA) to prohibit a person from extending any consumer credit through the use by the consumer... Read More

Status

This bill was introduced on Jan 30, 2013, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To amend the Truth in Lending Act to prohibit the distribution of any check or other negotiable instrument as part of a solicitation by a creditor for an extension of credit, to limit the liability of consumers in conjunction with such solicitations, 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 ``Deceptive Loan Check Elimination Act''.

SEC. 2. UNSOLICITED LOAN CHECKS PROHIBITED.

(a) In General.--Section 132 of the Truth in Lending Act (15 U.S.C. 1642) is amended-- (1) by inserting ``(a) In General.--'' before ``No credit''; and (2) by adding at the end the following: ``(b) Unsolicited Loan Checks Prohibited.--No person may extend any consumer credit which is otherwise subject to this title through the use by the consumer of a check, other negotiable instrument, or such other similar product as the Bureau may, by rule, determine, that the creditor has sent to the consumer in connection with a solicitation by the creditor for an extension of consumer credit, unless the consumer submitted a written application for, or otherwise requested in writing, the extension of credit before the date on which the creditor sent the check, negotiable instrument, or other similar product. ``(c) `Look-Alike' Checks.--A certificate, voucher, or other nonnegotiable instrument provided to a consumer in connection with a solicitation for an extension of credit that has the appearance of a check or other...

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Sentiment Map

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Nation

19 Supporting
5 Opposing
79% 21%

State: CA

2 Supporting
0 Opposing
100% 0%

District: 1st

0 Supporting
0 Opposing
0% 0%

Popularity Trend

Organizations Supporting

No organizations supporting yet.

Organizations Opposing

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Users Supporting

I support S. 187: Deceptive Loan Check Elimination Act Yes, Make them go away. hahah

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CA
6
EXPOSE-CAFR
CA-6
2 years ago

I support S. 187 ("A bill to amend the Truth in Lending Act to prohibit the distribution of any") because banks have repeatedly demonstrated irresponsible lending practices. If someone wants a loan or credit line, they can apply for one. It is unethical to use inducements such as checks, or documents that appear to be checks, to snare the gullible into taking on debt that they cannot repay. As a taxpayer, I'm tired of bailing out the banks to repay these loans. In addition, the solicitations circulating in the mail create an identity-theft risk. I'm tired of having to shred unwanted solicitations; it is impossible to get off the mailing lists.

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TX
11
oiltrash1980
TX-11
2 years ago

Users Opposing

No constituents opposing yet.

Bill Summary

1/30/2013--Introduced.Deceptive Loan Check Elimination Act - Amends the Truth in Lending Act (TILA) to prohibit a person from extending any consumer credit through the use by the consumer of a check or other negotiable instrument sent by the creditor to solicit an extension of consumer credit, unless the consumer has requested it in writing. States that a nonnegotiable instrument that has the appearance of a negotiable instrument in connection with a solicitation for an extension of credit is not an application or request for purposes of this Act. Shields a consumer from liability for: (1) the principal amount of a negotiable instrument sent in violation of this Act; or (2) any interest, fee, or penalty charged in connection with such negotiable instrument. Prohibits any information relating to the liability of a consumer alleged by a creditor to have been established through a negotiable instrument sent in violation of this Act from being either reported to or received by any consumer reporting agency, or from being included in any consumer report.

S. 186 A bill to award posthumously a Congressional Gold Medal to Addie Mae... S. 188The Advice and Consent Restoration Act