The SAFE Lending Act of 2024 aims to protect consumers from predatory lending practices and unauthorized financial transactions. The bill prohibits lenders from issuing remotely created checks without explicit written consumer consent and prevents such checks from being used to retaliate against consumers exercising their legal rights. It also requires small-dollar lenders (those offering loans of $5,000 or less with repayment terms under 12 months) to register with the Consumer Financial Protection Bureau and comply with state interest rate and fee laws, including for online and phone-based lending. The legislation bans overdraft fees on prepaid accounts and restricts lead generation companies from selling consumer financial information for small-dollar loans unless they are directly providing the credit themselves. Finally, the bill directs the Government Accountability Office to complete a study within 180 days on credit availability and economic impacts on Native American tribal communities, while the Consumer Financial Protection Bureau must adopt implementing rules within one year.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.