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Consumer Protection Against Online and Small-Dollar Loan Abuse

This act aims to enhance financial security for citizens by introducing new rules for online and small-dollar loans. It restricts unauthorized bank account payments and prohibits certain fees, safeguarding your money. It also mandates registration for companies offering such loans, increasing transparency and accountability.
Key points
Greater control over bank account payments: Prohibits unauthorized remotely created checks and allows easy revocation of payment authorizations.
Protection for small-dollar loans: Companies offering loans up to $5,000 must register and comply with state laws on interest rates and fees.
Ban on overdraft fees for prepaid accounts: Overdraft fees on prepaid cards will be prohibited.
Restrictions on data collection: Lead generation companies cannot collect sensitive financial information without directly providing the loan.
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Expired
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Additional Information
Print number: 117_HR_9307
Sponsor: Rep. Bonamici, Suzanne [D-OR-1]
Process start date: 2022-11-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SAFE Lending Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9307.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-11-16.

What are the main provisions?

Key points include:

  • Greater control over bank account payments: Prohibits unauthorized remotely created checks and allows easy revocation of payment authorizations.
  • Protection for small-dollar loans: Companies offering loans up to $5,000 must register and comply with state laws on interest rates and fees.
  • Ban on overdraft fees for prepaid accounts: Overdraft fees on prepaid cards will be prohibited.
  • Restrictions on data collection: Lead generation companies cannot collect sensitive financial information without directly providing the loan.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Bonamici, Suzanne [D-OR-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law