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.
Status:
Expired
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