12-U.S.C.-5624

§5624 – Low-Cost Alternatives to Small Dollar Loans

Pathway

Title 12 > Chapter 53 > Subchapter VII > Section 5624

Details

• Reference: Section 5624
• Legend: §5624 – Low-Cost Alternatives to Small Dollar Loans
• USCode Year: 2013

Provision Content

(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 general

Loans 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 general

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.

(B) Authority to expand access

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.

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

U.S. Encyclopedia of Law Coverage

Subchapter VII – Improving Access To Mainstream Financial Institutions in the Legal Encyclopedia: Banking Law

In this entry about Subchapter VII – Improving Access To Mainstream Financial Institutions, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-5481 in the Legal Encyclopedia: Banking Reform

In this entry about 12-U.S.C.-5481, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.

Topic Map

• Browse the Topic Map in relation with Title 12 (Banks And Banking) guided by subject interests.