S.187 - Deceptive Loan Check Elimination Act

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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: Deceptive Loan Check Elimination Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/30/13
 
 
 
 
 
 
 

Official Summary

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 consume

Official Summary

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.

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Organizations Supporting S.187

  • Americans for Financial Reform
  • National Consumer Law Center
  • American Association of Retired Persons
  • Consumer Federation of America

Organizations Opposing S.187

  • None via MapLight at this time.




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