2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter VII - Improving Access to Mainstream Financial Institutions (Sections 5621 - 5628)
Sec. 5624 - Low-cost alternatives to small dollar loans
| Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER VII - IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS Sec. 5624 - Low-cost alternatives to small dollar loans |
| Contains | section 5624 |
| Date | 2014 |
| Laws In Effect As Of Date | January 5, 2015 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 111-203, title XII, §1205, July 21, 2010, 124 Stat. 2130. |
| Statutes at Large Reference | 124 Stat. 2130 |
| Public and Private Law | Public Law 111-203 |
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The Secretary is authorized to establish multiyear demonstration programs by means of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings, with eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly small dollar loans.
(b) Terms and conditions(1) In generalLoans under this section shall be made on terms and conditions, and pursuant to lending practices, that are reasonable for consumers.
(2) Financial literacy and education opportunities(A) In generalEach eligible entity awarded a grant under this section shall promote and take appropriate steps to ensure the provision of financial literacy and education opportunities, such as relevant counseling services, educational courses, or wealth building programs, to each consumer provided with a loan pursuant to this section.
(B) Authority to expand accessAs part of the grants, agreements, and undertakings established under this section, the Secretary may implement reasonable measures or programs designed to expand access to financial literacy and education opportunities, including relevant counseling services, educational courses, or wealth building programs to be provided to individuals who obtain loans from eligible entities under this section.
(Pub. L. 111–203, title XII, §1205, July 21, 2010, 124 Stat. 2130.)
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