2020 US Code
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
| 12 U.S.C. § 5624 (2020) |
| §5624. Low-cost alternatives to small dollar loans |
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(a) Grants authorized
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. Each 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. As 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. |
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(Pub. L. 111–203, title XII, §1205, July 21, 2010, 124 Stat. 2130.) |
| United States Code, 2018 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| 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 |
| section 5624 |
| 2020 |
| January 13, 2021 |
| No |
| standard |
| 124 Stat. 2130 |
| Public Law 111-203 |
