To amend the Truth in Lending Act to address certain issues relating to the extension of consumer credit, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Truth in Lending Act to address certain issues relating to the extension of consumer credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Technology, Government Operations.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section S1: 1. Short title This Act may be cited as the Stopping Abuse and Fraud in Electronic Lending Act of 2024 or the SAFE Lending Act of 2024.
- Section id9d609392b8794076ab6496f0a4dddc1b: 2. Consumer control over bank accounts Section 905 of the Electronic Fund Transfer Act (15 U.S.C. 1693c) is amended by adding at the end the following:...
- Section id9f8cac9c1aa54ec590ce07d8a4a3e5fb: 3. Transparency and consumer empowerment in small-dollar lending The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended— by inserting after section 109...
- Section id8F65D75B533449ACA307B1E37B54D3F7: 110. Registration requirement for small-dollar lenders In this section, the term small-dollar consumer credit transaction— means any transaction that extends...
- Section id46a02fe487ef4f42a4d65884f62d3fe5: 4. Restrictions on lead generation in small-dollar consumer credit transactions Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Truth in Lending Act to address certain issues relating to the extension of consumer credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Technology, Government Operations
Primary Purpose
This bill, To amend the Truth in Lending Act to address certain issues relating to the extension of consumer credit, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. Merkley (for himself, Ms. Baldwin, Mr. Blumenthal, Mr. Wyden, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "federal_implementing_agencies"
- → Federal agencies assigned duties by the bill
Key Definitions
Terms defined in this bill
a social security number, financial account number, bank routing number, bank account number, or security or access code that is immediately necessary to permit access to the financial account of an individual
a social security number, financial account number, bank routing number, bank account number, or security or access code that is immediately necessary to permit access to the financial account of an individual
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology