Consumer Protection Against Online Lending Fraud and Small Loans
This act aims to enhance citizens' financial security by introducing new rules for online loans and small-dollar credit. It restricts unauthorized bank account payments and provides greater control over personal data, protecting against abuse.
Key points
Increased Payment Control: Banks will require written consent for remotely created checks, making unauthorized withdrawals from accounts more difficult.
Protection Against Small Loan Abuse: Companies offering small online loans will need to register, and their operations will be subject to the laws of the borrower's state of residence.
Ban on Overdraft Fees for Prepaid Accounts: Overdraft fees on prepaid cards will be prohibited, and transactions exceeding the balance may be declined.
Restrictions on Personal Data Sharing: Loan intermediaries will be prohibited from sharing sensitive financial data without directly providing credit.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.