To amend the Truth in Lending Act to prohibit the distribution of any check or other negotiable instrument as part of a solicitation by a creditor for an extension of credit, to limit the liability of consumers in conjunction with such solicitations, and for other purposes.
Unsolicited Loan Check Consumer Protection Act of 1999 - Amends the Consumer Credit Protection Act to prohibit loan solicitations to consumers that are accompanied by a negotiable instrument (unsolicited loan checks), unless such solicitations are in response to a prior consumer request for an extension of credit.
Shields such consumer from liability for the amount of any negotiable instrument sent in violation of this Act. Prohibits the reporting to, or receipt by, any credit agency of information on consumer creditworthiness based upon such unsolicited loan checks.
Requires the Federal Reserve Board to promulgate implementing regulations.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1387)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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