S. 1347 · 109th Congress
Low-Cost Alternatives to Payday Loans Act
- Stage
- In committee
- Sponsor
- Daniel Akaka
- Introduced
- 2005-06-30
- Latest action
- 2006-02-28 · Sponsor introductory remarks on measure.
Summary
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.