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Article: S.1347 — 109th Congre (2005-2006) All info (Except Text)

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Proven In This Article: Brought in Senate (06/30/2005)

To authorize exhibition visualize scholarships to businesses to give low-cost, lightweight money.

Mr. Akaka launched the below statement; which had been review double and described the panel on banks and loans, property, and downtown matters

To approve demonstration venture awards to businesses to supply affordable, tiny personal loans.

POINT 1. offer program for inexpensive options to payday loans .

Brief title .—This segment could be reported since the “Low-Cost options to payday advances Act”.

Definitions .—In this operate:

(1) C OMMUNITY ADVANCEMENT STANDARD BANK .—The phase “community progress lending company” mean any business that has been licensed as a residential area progress loan company pursuant to segment 1805.201 of subject 12, signal of government regulation.

(2) F EDERALLY COVERED DEPOSITORY ESTABLISHMENT .—The term “federally protected depository organization” indicates any insured depository company (as outlined in point 3 associated with the government money insurance policies work (12 U.S.C. 1813)) or any insured depository financial institution (as explained in segment 101 of the Federal depository financial institution Act (12 U.S.C. 1752)). (altro…)