A bill to authorize demonstration project grants to entities to provide low-cost, small loans.
Low-Cost Alternatives to Payday Loans Act - Authorizes the Secretary of the Treasury to award demonstration project grants (including multi-year grants) to eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly, predatory payday loans.
Includes within eligible entities: (1) a tax exempt charitable (501(c)(3)) organization; (2) a federally insured depository institution; and (3) a community development financial institution.
Introduced in Senate
Sponsor introductory remarks on measure. (CR 7/1/2005 S7829-7830)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 7/1/2005 S7830-7831)
Sponsor introductory remarks on measure. (CR S11437)
Sponsor introductory remarks on measure. (CR S1530-1531)
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