A bill 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 Act of 2019
This bill prohibits a lender from providing an unsolicited loan check or similar instrument to a consumer. Additionally, a consumer is not liable for any debt incurred from such an instrument.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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