Sec. 2. Unsolicited loan checks prohibited
383 words·~2 min read·
/bill/113/s/187/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 132 of the Truth in Lending Act ( 15 U.S.C. 1642 ) is amended— by inserting
(a)before In general .— No credit ; and by adding at the end the following: No person may extend any consumer credit which is otherwise subject to this title through the use by the consumer of a check, other negotiable instrument, or such other similar product as the Bureau may, by rule, determine, that the creditor has sent to the consumer in connection with a solicitation by the creditor for an extension of consumer credit, unless the consumer submitted a written application for, or otherwise requested in writing, the extension of credit before the date on which the creditor sent the check, negotiable instrument, or other similar product. Look-Alike checks A certificate, voucher, or other nonnegotiable instrument provided to a consumer in connection with a solicitation for an extension of credit that has the appearance of a check or other negotiable instrument is not an application or request for an extension of credit for purposes of this section. A consumer shall not be liable for— the principal amount of a check or other negotiable instrument sent to the consumer in violation of this section; or any interest, fee, or penalty charged in connection with such check or negotiable instrument. No information relating to the liability of a consumer alleged by a creditor to have been established through a check or other negotiable instrument sent by a creditor to the consumer in violation of subsection
(b)may be reported to or received by any consumer reporting agency or included in any consumer report (as those terms are defined in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)). Not later than 6 months after the date of enactment of the Deceptive Loan Check Elimination Act , the Bureau shall prescribe final regulations to implement this section. . The item relating to section 132 in the table of sections for chapter 2 of the Consumer Credit Protection Act is amended to read as follows: 132. Issuance of credit cards and unsolicited loan checks. . The requirements of this Act and the amendments made by this Act shall apply to solicitations for extensions of credit made to consumers after the date of enactment of this Act.
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources