12 U.S.C. § 5624 — Low-cost alternatives to small dollar loans

FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER VII—IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS

Low-cost alternatives to small dollar loans

12 U.S.C. § 5624

ChapterSUBCHAPTER VII—IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS

This text of 12 U.S.C. § 5624 (Low-cost alternatives to small dollar loans) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

12 U.S.C. § 5624.

Text

(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 Loans 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

Free access — add to your briefcase to read the full text and ask questions with AI

(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
Loans 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.

Source Credit

History

(Pub. L. 111–203, title XII, §1205, July 21, 2010, 124 Stat. 2130.)

Cite This Page — Counsel Stack

Bluebook (online)

12 U.S.C. § 5624, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/5624.