S.1767 - Deceptive Loan Check Elimination Act112th Congress (2011-2012)
|Sponsor:||Sen. Merkley, Jeff [D-OR] (Introduced 10/31/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||10/31/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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- Finance and Financial Sector
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Summary: S.1767 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (10/31/2011)
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.