S 1347 · 109th Congress · Finance and Financial Sector

Low-Cost Alternatives to Payday Loans Act

Introduced 2005-06-30· Sponsored by Sen. Akaka, Daniel K. [D-HI]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Sponsor introductory remarks on measure. (CR S1530-1531)(2006-02-28)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only