3.0.0 3632 2017-12-15T00:44:00Z 2017-12-15T00:44:00Z Senate S S 2008-09-26 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2008-09-26T22:49:47Z 2008-09-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2008-09-26 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N Finance and Financial Sector Bank loans Checks Commerce Congress Congressional reporting requirements Consumer credit Consumer education Crime and Law Enforcement Debt Fees Fines (Penalties) Governmental investigations Interest rates Law Loans Finance and Financial Sector 00 2008-09-26 Introduced in Senate 2009-01-06T17:33:42Z Fostering American Independence from Regressive and Abusive Credit Transactions Act of 2008 or the FAIR Act - Amends the Truth in Lending Act to prescribe a maximum annual percentage rate (APR) of 36% for any extension of credit to a consumer.

Prohibits a creditor from: (1) cashing or advancing money for a post-dated check in exchange for a fee or other payment of interest, other than as otherwise authorized for the payment of a preexisting debt; or (2) holding a check, requiring electronic access to an account at a financial institution, or holding title to personal property as collateral for a loan or other extension of credit (except in connection with the purchase or rental of such personal property).

Requires a creditor to provide to the consumer in writing at or before the issuance of credit: (1) the applicable APR; and (2) a clear description of payment obligations.

Declares null and void and unenforceable any consumer credit transaction made in violation of this Act. Requires the creditor or subsequent holder to promptly return to the consumer any principal, interest, charges, fees, and any security interest associated with such a transaction.

Subjects violations of this Act to specified civil and criminal penalties.

Directs the Federal Deposit Insurance Corporation (FDIC) to establish a program to encourage insured depository institutions to incorporate small consumer loans of $1,000 or less into their regular banking services.

Includes participation in the loan program established under this Act as a factor in the determination by the appropriate federal financial supervisory agency of whether an insured depository institution is meeting the credit needs of its community under the Community Reinvestment Act of 1977.

Directs the FDIC and the National Credit Union Administration to study and report to Congress on best practices to provide incentives for mainstream financial institutions to provide small dollar amount loans to consumers, including innovative state and local programs, private sector, and not-for-profit initiatives.

]]> FAIR Act Short Titles as Introduced FAIR Act Short Titles as Introduced Fostering American Independence from Regressive and Abusive Credit Transactions Act of 2008 Display Title FAIR Act Official Title as Introduced A bill to combat predatory lending practices and to provide access to capital to those living in low-income and traditionally underserved communities, and for other purposes. Introduced in Senate 2008-09-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3632is/xml/BILLS-110s3632is.xml 2008-09-26 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.