,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aeff  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ae1 #bjac ,mr4
 ,luetkemey] 7= himself & ,mr4 ,meeks7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to create a ,f$]al *>t] =      
,int]net consum] cr$it corporations1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,consum] ,cr$it    
,access1 ,innovation1 & ,mod]nization   
,act4  #b4 ,f9d+s2 purpose2 & int5t  7a7
 ,f9d+s ,congress f9ds ! foll[+3  7#a7  
,/udies by ! ,f$]al ,deposit ,insurance 
,corporation 7,,fdic71 ,national ,bureau
 ( ,economic ,rese>*1 ,,f9ra ,inve/or   
,education ,f\ndation1 & o!r cr$ible    
p>ties h %[n t r\ghly half ( all        
,am]ican families1 includ+ n only l[] & 
mod]ate income families b also a l>ge   
segm5t ( middle & high] income families 
:o h poor cr$it scores & limit$         
disposable incomes1 are lit]ally liv+   
pay*eck-to-pay*eck1 lack+ adequate sav+s
 & o!r res\rces to cov] unplann$ exp5ses

 t frequ5tly arise 9 e h\sehold4  7#b7  
,^! consum]s 79 ?is ,act ref]r$ to z    
und]s]v$ consum]s7 include ^? :o are    
unbank$1 hav+ nei!r a *eck+ or sav+s    
acc\nt at a depository in/itution1 & ^? 
:o are und]bank$1 hav+ su* an acc\nt &  
frequ5tly hav+ high] incomes b cr$it    
impairm5ts1 :ile none!less ne$+ to rely 
on nondepository f9ancial in/itutions = 
%ort-t]m1 small loans & o!r cr$it       
products & f9ancial s]vices !y          
desp]ately ne$1 b g5]ally _c obta9 f    
traditional bank+ in/itutions4  7#c7    
,cr$it alt]natives = und]s]v$ consum]s  
g5]ally are limit$ & (t5 n well suit$ to
 _! p>ticul> ne$s & 9 "s in/ances lack  
any /atutory consum] protections4  7#d7 
,programs by ! ,,fdic & o!r p>ties to   
exp& access to small loans & o!r        
f9ancial products or s]vices = und]s]v$ 
consum]s ?r\gh bank+ in/itutions h _h v 
limit$ success because banks1 :i*       
typically h relatively high op]at+ co/s1
 g5]ally h be5 unable to make af=dable  
small p]sonal loans on a widespread1    

comm]cially viable basis to ^! high]    
risk consum]s1 mo/ ( :om may n ev5      
qualify = a loan "u ! high-cr$it /&>ds  
regulators necess>ily require insur$    
depositories to ma9ta94  7#e7 ,to !     
ext5t t depository in/itutions (f]      
und]s]v$ consum]s af=dable small loans &
 o!r f9ancial products or s]vices on a  
comm]cially viable basis1 !y %\ld be    
enc\rag$ to d s1 b x mu/ be recogniz$ t 
ov]com+ ! practical bus9ess ob/acles =  
depositories to (f] su* products or     
s]vices appe>s to be q difficult at be/ 
= mo/ depositories1 & giv5 ! massive    
scope ( ! %ort-t]m cr$it ne$s ( su*     
consum]s1 depositories mo/ likely w be  
unable to provide af=dable small loans &
 o!r f9ancial products or s]vices = a   
significant numb] ( !m4  7#f7 ,ef=ts (  
gov]nm5tal1 nonpr(it1 & private sector  
in/itutions to help und]s]v$ consum]s   
manage _! p]sonal f9ances m effectively 
?r\gh f9ancial education & c\nsel+      
programs also are important & mu/       
cont9ue1 b giv5 ! trem5d\s numb] (      

consum]s :o face significant ongo+      
f9ancial *all5ges1 mo/ su* und]s]v$     
consum]s are likely to be unable to     
ov]come _! f9ancial difficulties ?r\gh  
su* ef=ts4  7#g7 ,nondepository cr$itors
 hi/orically h be5 prim>ily             
,/ate-regulat$1 are n f$]ally insur$1   
g5]ally pose little or no sy/emic or    
taxpay] risk1 typically h l[] op]at+    
co/s & c employ less re/rictive cr$it   
/&>ds ?an depositories1 & are a major   
s\rce ( small loans & f9ancial products 
or s]vices = und]s]v$ consum]s1 provid+ 
su* consum]s annually ) billions (      
doll>s 9 cr$it4  7#h7 ,a numb] (        
nondepository cr$itors h develop$       
advanc$ propriet>y loan und]writ+ &     
s]vic+ proc$ures & cutt+-edge           
te*nologies all[+ !m to (f] cr$it to m  
und]s]v$ consum]s1 b su* cr$itors lack !
 au?ority available to national banks to
 op]ate on a multi/ate or nationwide    
basis us+ a s+le l5d+ *>t] & subject to 
/rong1 uni=m ,f$]al regulation t w\ld   
enable !m to maximize _! capacities to  

op]ate m innovatively & effici5tly4     
7#i7 ,nondepository cr$itors are in/ead 
subject to widely diff]+ ,/ate lic5s+   
laws t impose sub/antial co/ &          
compliance burd5s1 &1 m significantly1  
laws t sev]ely limit ! types ( f9ancial 
products or s]vices t may be (f]$1      
prev5t loans f be+ provid$ on a         
comm]cially viable basis1 /ifle         
innovation1 r$uce competition1 & leave  
und]s]v$ consum]s ) a limit$ *oice (    
products or s]vices t 9 _m cases are n  
well suit$ to _! p]sonal ne$s & co/     
significantly m because ( ^! conflict+ &
 outdat$ re/rictive ,/ate laws4  7#aj7  
,x is 9 ! national int]e/ & w greatly   
b5efit ! millions ( und]s]v$ consum]s :o
 h press+ ne$s = additional cr$it       
alt]natives = ,congress to adopt        
legislation to au?orize cr$itors !      
option ( receiv+ a ,f$]al *>t] "u :i* !y
 c provide su* consum]s loans & o!r     
f9ancial products & s]vices ?r\gh !     
,int]net & electronic devices & n       
traditional brick-&-mort> /orefront     

locations1 all[+ !m to op]ate m         
innovatively & effici5tly on a          
nationwide basis4  7#aa7 ,an ,int]net   
consum] cr$it corporation *>t]$ "u ?is  
,act w be adequately regulat$ "u ,f$]al 
laws & regulations prescrib$ by !       
,comptroll] ( ! ,curr5cy & ! ,director (
 ! ,consum] ,f9ancial ,protection       
,bureau1 & su* laws & regulations %all  
be en=c$ 9 accordance ) ?is ,act )\t su*
 corporation be+ subject$ to duplicative
 & conflict+ ,/ate laws t 9 _m cases    
sev]ely & unnecess>ily re/rict product  
innovation & *oice & raise ! co/ ( !    
limit$ cr$it *oices n[ available to     
und]s]v$ consum]s4  7#ab7 ,all[+ su*    
f$]ally regulat$ l5d+ by ,int]net       
cr$itors z au?oriz$ by ?is ,act ?r\gh ! 
,int]net & by electronic devices1 b n   
?r\gh traditional /orefront1            
brick-&-mort> locations1 on a nationwide
 basis1 is consi/5t ) ! fact t consum]s'
 borr[+ habits are %ift+ rapidly to     
seek+ m f9ancial product & s]vice *oices
 ) ! conv5i5ce1 ease ( cr$it access1 & m

 alt]natives provid$ by comput]s1 mobile
 phones1 & o!r electronic devices1 &    
millions ( und]s]v$ consum]s w be able  
to secure cr$it f ,int]net consum] cr$it
 corporations t are subject to          
applicable ,/ate & ,f$]al laws4  7#ac7  
,small bus9esses1 :i* are vital to job  
creation & ! heal? ( ! ,nation's        
economy1 also h a cont9u+ ne$ =         
additional cr$it alt]natives1 & all[+   
,int]net consum] cr$it corporations to  
(f] c]ta9 f9ancial products & s]vices to
 small bus9esses ?r\gh ! ,int]net & by  
electronic devices w be 9 ! national    
int]e/4  7b7 ,purpose & int5t ,! purpose
 & int5t ( ?is ,act is to--  7#a7       
provide und]s]v$ consum]s great] access 
to innovative1 af=dable1 comm]cially    
viable1 & bett] suit$ f9ancial products 
& s]vices2  7#b7 create a ,f$]al *>t] = 
cr$itors t (f] f9ancial products or     
s]vices ?r\gh ! ,int]net & electronic   
devices & n traditional brick-&-mort>   
/orefront locations & focus _! bus9ess  
prim>ily on meet+ ! cr$it ne$s (        

und]s]v$ consum]s & small bus9esses1    
enabl+ su* ,int]net cr$itors to provide 
m innovative1 af=dable1 & appropriate   
cr$it options1 subject to uni=m ,f$]al  
l5d+ /&>ds r ?an op]at+ "u ! widely     
v>y+1 (t5 conflict+1 ov]ly re/rictive1 &
 unnecess>ily co/ly sy/em ( ,/ate l5d+  
laws t curr5tly prev5t nondepository    
cr$itors f (f]+ und]s]v$ consum]s &     
small bus9esses ! cr$it options !y ne$2 
7#c7 cl>ify t ,congress und]/&s t ev5 ) 
! m innovative & effici5t l5d+ au?oriz$ 
by ?is ,act & reasonable pric+ by       
,int]net consum] cr$it corporations1 !  
co/ ( comm]cially viable1 %ort-t]m1     
small-doll> cr$it = high] risk und]s]v$ 
consum]s typically w be consid]ably     
high] ?an ! co/ = o!r consum]s :o h no  
cr$it impairm5ts & t :5 ! co/ ( su*     
cr$it is express$ 9 t]ms ( an annual    
p]c5tage rate1 9 mo/ cases su* rate w be
 mu* high] ?an su* rate = l>g]1 long]   
t]m loans1 especially ^? made to        
consum]s ) unimpair$ cr$it records1 &   
!re=e x %\ld n be presum$ or necess>ily 

conclud$ t su* cr$it ext5sions to       
und]s]v$ consum]s are unfair or abusive1
 provid$ full disclosure ( ! co/ ( su*  
cr$it is made z requir$ by ?is ,act &   
su* corporation has a reasonable basis =
 det]m9+ t an und]s]v$ consum] c repay1 
!re=e indicat+ t ! cr$it is af=dable2   
7#d7 require t ! ,comptroll] ex]cise 8  
or h] au?orities to adm9i/]1 en=ce1 &   
implem5t ! provisions ( ?is ,act &      
regulations prescrib$ pursuant to ?is   
,act to provide = ongo+ prud5tial       
regulatory ov]sight ( ,int]net consum]  
cr$it corporations & to promptly adopt  
reasonable & flexible policies &        
proc$ures to ensure ! approval ( ,f$]al 
*>t]s = qualifi$ applicants1 :ile also  
promot+ ! (f]+ ( innovative1 af=dable1 &
 comm]cially viable f9ancial products or
 s]vices2 &  7#e7 require t ! ,director 
ex]cise 8 or h] au?orities to adm9i/]1  
en=ce1 & implem5t ! provisions ( ,f$]al 
consum] f9ancial laws & applicable      
provisions ( ?is ,act & regulations     
prescrib$ pursuant to ?is ,act to ensure

 t und]s]v$ consum]s receive effective  
consum] f9ancial protections1 :ile also 
promot+ ! (f]+ ( innovative1 af=dable1 &
 comm]cially viable f9ancial products or
 s]vices4  #c4 ,int]net ,consum] ,cr$it 
,corporations  7a7 ,f$]al *>t] ,9       
accordance ) ! provisions ( ?is ,act1 & 
regulations prescrib$ pursuant to ?is   
,act1 ! ,comptroll] %all *>t] cr$itors  
:i* %all become ,int]net consum] cr$it  
corporations 7h]e9aft] ref]r$ to z      
,int]net cr$itors7 to (f] f9ancial      
products or s]vices prim>ily to und]s]v$
 consum]s & small bus9esses z provid$ = 
9 ?is ,act4  7b7 ,application requir$   
7#a7 ,9 g5]al ,a p]son t desires to     
obta9 a ,f$]al *>t] "u ?is ,act %all    
submit an application to ! ,comptroll]  
at su* "t1 9 su* mann]1 & accompani$ by 
su* in=mation z ! ,comptroll] may       
require4  7#b7 ,exp$iti\s det]m9ation ,!
 ,comptroll] %all make a det]m9ation z  
to :e!r an application submitt$ "u      
p>agraph 7#a7 is approv$ or d5i$        
exp$iti\sly4  7c7 ,requirem5ts ,9 seek+ 

a ,f$]al *>t] "u ?is ,act1 an applicant 
%all meet ! foll[+ requirem5ts3  7#a7 ,a
 bus9ess plan %all be e/abli%$ cov]+ at 
lea/ ! initial #c-ye> p]iod ( op]ation z
 a comm]cially viable entity ) its      
prim>y bus9ess activities be+ to s]ve ! 
ne$s ( und]s]v$ consum]s & small        
bus9esses = cr$it & relat$ f9ancial     
s]vices ?r\gh ! ,int]net & electronic   
devices & n ?r\gh brick-&-mort>         
locations1 & su* plan %all--  7,a7      
reali/ically =eca/ m>ket dem&1 ! int5d$ 
cu/om] base1 competition1 economic      
conditions1 f9ancial projections1 &     
bus9ess risks2  7,b7 include a m>ket+   
plan t describes ! types ( f9ancial     
products or s]vices su* cr$itor int5ds  
to (f]1 h[ x w m>ket !m1 & h[ su*       
products or s]vices are expect$ to be   
af=dable = und]s]v$ consum]s & small    
bus9esses & comm]cially viable = !      
cr$itor2 &  7,c7 conta9 an acceptable   
plan =--  7i7 ensur+ compliance ) all   
applicable laws & regulations2 &  7ii7 =
 promptly address+ compla9ts f und]s]v$ 

consum]s & small bus9esses4  7#b7 ,a    
compet5t & exp]i5c$ managem5t team (    
good moral "* ) exp]tise 9 & a commitm5t
 to s]v+ ! cr$it ne$s ( und]s]v$        
consum]s1 exp]i5ce 9 (f]+ f9ancial      
s]vices products to consum]s ?r\gh !    
,int]net or electronic devices1 &       
aw>5ess & und]/&+ ( applicable legal    
requirem5ts %all be e/abli%$4  7#c7     
,adequate capital /ructure relative to !
 op]ational & f9ancial assumptions &    
bus9ess plans ( ! applicant1 includ+ !  
co/ ( utiliz+ advanc$ te*nology &       
in=mation managem5t sy/ems = its op]at+ 
& compliance ne$s1 %all be e/abli%$4    
7#d7 ,no ,int]net cr$itor %all be       
directly or indirectly own$ or controll$
 by any p]son unless--  7,a7 ! p]son is 
an individual1 a ,f$]al- or ,/ate-*>t]$ 
depository in/itution1 a bank hold+     
company 7z def9$ 9 section #b7;a7 ( !   
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahda7;a7771 a sav+s & loan   
hold+ company 7z def9$ 9 section        
#aj7;a77#a77;,d7 ( ! ,home ,own]s' ,loan

 ,act 7#ab ,u4,s4,c4                    
#adfg;a7a77#a77;,d7771 or a nonpr(it    
corporation2 or  7,b7 ! prim>y bus9ess  
activity ( ! p]son involves--  7i7      
provid+ f9ancial products or s]vices to 
consum]s2 or  7ii7 own+ or controll+    
p]sons ^: prim>y bus9ess activity is    
provid+ f9ancial products or s]vices to 
consum]s4  7#e7 ,any o!r requirem5ts    
provid$ = "u ?is ,act or 9 regulations  
prescrib$ by ! ,comptroll] consi/5t ) ! 
purposes ( ?is ,act4  7d7 ,au?ority (   
,int]net ,cr$itors ,^u receiv+ a ,f$]al 
*>t] pursuant to subsection 7a71 an     
,int]net cr$itor %all become1 z f ! date
 ( ! execution ( its *>t]1 a body       
corporate1 &1 z su*1 an ,int]net consum]
 cr$it corporation1 & 9 ! "n designat$ 9
 ! *>t] x is au?oriz$ to--  7#a7 adopt &
 use a corporate seal2  7#b7 h          
succession f ! date its *>t] is issu$   
until su* "t z x be dissolv$ by ! act ( 
its %>ehold]s own+ two-?irds ( its /ock1
 or until its *>t] is revok$ by !       
,comptroll]1 or until t]m9at$ by an ,act

 ( ,congress1 or until its affairs are  
plac$ 9 ! h&s ( a receiv] & f9ally w\nd 
up by ! receiv] 9 accordance ) title    
#aa1 ,unit$ ,/ates ,code1 or o!r        
applicable law2  7#c7 borr[ money1 issue
 /ock1 & ent] into contracts2  7#d7 sue 
& be su$ & compla9 & def5d1 9 any c\rt (
 law & equity ( compet5t jurisdiction1 z
 fully z natural p]sons2  7#e7 elect or 
appo9t directors1 & by its bo>d (       
directors to appo9t a presid5t1 vice    
presid5t1 & o!r (fic]s1 def9e _! duties1
 require bonds ( !m & fix ! p5alty !re(1
 dismiss su* (fic]s or any ( !m at      
pleasure1 & appo9t o!rs to fill _!      
places2  7#f7 prescribe1 by its bo>d (  
directors1 bylaws n inconsi/5t ) law1   
regulat+ ! mann] 9 :i* its /ock %all be 
transf]r$1 its directors elect$ or      
appo9t$1 its (fic]s appo9t$1 its prop]ty
 transf]r$1 its g5]al bus9ess conduct$1 
& ! privileges grant$ to x by law       
ex]cis$ & enjoy$2  7#g7 hire employees &
 consultants & fix _! comp5sation1 def9e
 _! duties1 & give su* p]sons           

appropriate au?ority to c>ry on its     
bus9ess op]ations2  7#h7 ent] into jo9t 
v5tures & o!r bus9ess p>tn]%ips ) o!r   
,int]net cr$itors1 depository           
in/itutions1 ,/ate-*>t]$ or lic5s$      
nondepository cr$itors1 ?ird-p>ty s]vice
 provid]s & v5dors1 & o!r p>ties to     
promote or facilitate provid+ z h]e9    
au?oriz$ comm]cially viable f9ancial    
products or s]vices to und]s]v$ consum]s
 & small bus9esses2  7#i7 contribute to 
community funds1 or to *>itable1        
philan?ropic1 or b5evol5t               
in/rum5talities conducive to public     
welf>e1 su* sums z its bo>d ( directors 
may deem exp$i5t & 9 ! int]e/s ( !      
,int]net cr$itor2  7#aj7 inve/ 91 or buy
 or lease1 real e/ate or tangible       
p]sonal prop]ty1 includ+ vehicles1      
equipm5t1 furni%+s & furniture1 to be   
us$ by ! ,int]net cr$itor 9 conduct+    
bus9ess relat$ op]ations au?oriz$ "u ?is
 ,act2  7#aa7 provide loans & o!r       
f9ancial s]vices only ?r\gh ! ,int]net &
 electronic devices z its bo>d (        

directors or duly au?oriz$ (fic]s or    
ag5ts may det]m9e1 9 accordance ) ?is   
,act & regulations prescrib$ pursuant to
 ?is ,act1 are appropriate = provid+    
f9ancial products or s]vices to         
consum]s1 includ+ und]s]v$ consum]s1 &  
to small bus9esses 9 accordance ) !     
provisions ( ?is ,act & regulations     
prescrib$ pursuant to ?is ,act2  7#ab7  
ex]cise by its bo>d ( directors or duly 
au?oriz$ (fic]s or ag5ts1 subject to    
law1 all su* incid5tal1 impli$1 or      
reasonably necess>y p[]s z may be       
appropriate to c>ry on its corporate    
op]ations & ! bus9ess ( provid+         
comm]cially viable f9ancial products or 
s]vices to consum]s1 includ+ und]s]v$   
consum]s & small bus9esses 9 accordance 
) ! provisions ( ?is ,act & regulations 
prescrib$ pursuant to ?is ,act2  7#ac7  
be affiliat$ )1 or own$ by1 an insur$   
depository in/itution1 nondepository    
cr$itor1 nonpr(it organization1 or o!r  
qualifi$ entities unless o!rwise limit$ 
by ?is ,act or regulations prescrib$    

pursuant to ?is ,act2  7#ad7 acquire or 
m]ge ) o!r ,int]net cr$itors2 &  7#ae7  
ex]cise su* o!r p[]s z may be reasonably
 necess>y or appropriate to (f] f9ancial
 products or s]vices z provid$ =        
pursuant to ?is ,act1 or provid$ = ?r\gh
 regulations prescrib$ by ! ,comptroll] 
pursuant to ! provisions ( ?is ,act4    
7e7 ,duties & responsibilities  7#a7    
,comptroll] ( ! ,curr5cy ,! ,comptroll] 
%all--  7,a7 ensure t ,int]net cr$itors 
only provide loans & o!r f9ancial       
products or s]vices ?r\gh ! ,int]net &  
electronic devices & t1 to ! ext5t      
reasonably possible1 su* cr$itors       
prim>ily focus _! bus9ess op]ations on  
provid+ und]s]v$ consum]s a v>iety (    
af=dable f9ancial products or s]vices t 
are comm]cially viable = su* cr$itors1  
includ+ c]ta9 products or s]vices t     
conta9 features to facilitate p]sonal   
sav+s & enhance ! cr$it record ( su*    
consum]s2  7,b7 enc\rage & facilitate-- 
7i7 innovation ) respect to ! f9ancial  
products or s]vices (f]$ to und]s]v$    

consum]s2 &  7ii7 jo9t v5tures & o!r    
bus9ess p>tn]%ips among ,int]net        
cr$itors1 insur$ depository in/itutions1
 o!r nondepository cr$itors1 ?ird-p>ty  
s]vice provid]s & v5dors1 nonpr(it      
organizations1 & o!r p>ties 9 ord] to   
ensure great] cr$it access = und]s]v$   
consum]s & small bus9esses2  7,c7       
provide1 ?r\gh regulations1 details on  
h[ ,int]net cr$itors %\ld be organiz$1  
incorporat$1 & op]at$ 9 a prud5tial     
mann]2  7,d7 conduct exam9ation &       
sup]visory activities ( ,int]net        
cr$itors to--  7i7 access _! int]nal    
controls & managem5t ability2  7ii7     
evaluate _! f9ancial condition & risk   
pr(ile2  7iii7 det]m9e if !y are meet+ !
 ne$s ( und]s]v$ consum]s & small       
bus9esses2 &  7iv7 monitor _! compliance
 ) ?is ,act & o!r applicable laws &     
regulations t ! ,comptroll] may h       
adm9i/rative responsibly =1 & id5tify   
areas 9 :i* corrective action is ne$$2  
7,e7 consult1 coop]ate & coord9ate1 z   
appropriate1 ) ! ,director & ) o!r      

,f$]al & ,/ate regulatory ag5cies1      
includ+ ,/ate bank sup]visors1 to       
promote mu* great] availability (       
innovative1 af=dable1 comm]cially viable
 cr$it = und]s]v$ consum]s1 & consi/5t  
regulatory treatm5t ( consum] & small   
bus9ess f9ancial products & s]vices2    
7,f7 help ensure t ! sup]visory         
activities1 includ+ exam9ation s*$ules1 
( ,int]net cr$itors & affiliat$         
companies are conduct$ 9 a coord9at$ &  
effici5t mann]2 &  7,g7 adopt adequate  
safegu>ds to ensure appropriate privacy 
& confid5tiality protections ) respect  
to individually id5tifiable p]sonal data
 & propriet>y corporate data4  7#b7     
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection ,! ,director      
%all--  7,a7 regulate ! (f]+ & provision
 ( consum] f9ancial products or s]vices 
by ,int]net cr$itors "u ! ,f$]al consum]
 f9ancial laws pursuant to its          
au?orities "u ! ,dodd-,frank ,wall      
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja et seq471 ?is     

,act1 & regulations prescrib$ pursuant  
to ?is ,act2  7,b7 consult1 coop]ate1 & 
coord9ate1 z appropriate1 ) !           
,comptroll] & ) o!r ,f$]al & ,/ate      
regulatory ag5cies1 includ+ ,/ate bank  
sup]visors1 to promote--  7i7 mu* great]
 availability ( innovative1 af=dable1   
comm]cially viable cr$it = und]s]v$     
consum]s & small bus9esses2 &  7ii7     
consi/5t regulatory treatm5t ( consum] &
 small bus9ess f9ancial products or     
s]vices2  7,c7 help ensure t !          
sup]visory activities1 includ+          
exam9ation s*$ules1 ( ,int]net cr$itors 
& affiliat$ companies are conduct$ 9 a  
coord9at$ & effici5t mann]2 &  7,d7     
adopt adequate safegu>ds to ensure      
appropriate privacy & confid5tially     
protections ) respect to individually   
id5tifiable p]sonal data & propriet>y   
corporate data4  7#c7 ,int]net ,cr$itors
 ,ea* ,int]net cr$itor %all--  7,a7 make
 f9ancial education in=mation available 
to ea* consum] x (f]s a f9ancial product
 or s]vice1 includ+ in=mation on h[ a   

consum] may obta9 f9ancial c\nsel+      
s]vices1 ! b5efits ( foll[+ a regul>    
p]sonal sav+s program1 & h[ consum]s c  
improve _! cr$it rat+s2  7,b7 comply )  
all applicable ,f$]al laws &            
regulations1 includ+ ,f$]al consum]     
f9ancial protection law requirem5ts &   
su* ,/ate laws1 regulations1 & en=cem5t 
actions z are au?oriz$ "u ! provisions (
 ?is ,act2  7,c7 provide acc\nt access  
to its cu/om]s ?r\gh ! ,int]net & a     
toll-free telephone numb]2  7,d7        
provide1 9 accordance ) regulations     
prescrib$ pursuant to ?is ,act1 to all  
consum]s :o are ext5d$ cr$it ) a        
repaym5t t]m ( #a ye> or less by !      
,int]net cr$itor a cle> & conspicu\s    
/atem5t 9 ! loan agreem5t t discloses ! 
true co/ ( ! loan1 includ+ all int]e/1  
fees1 & o!r loan-relat$ *>ges1 z a doll>
 am\nt & z a p]c5tage ( ! pr9cipal am\nt
 ( ! loan 9 lieu ( ! annual p]c5tage    
rate disclosure t o!rwise w\ld be       
requir$ "u ! ,tru? 9 ,l5d+ ,act 7#ae    
,u4,s4,c4 #afja et seq47 or regulations 

prescrib$ pursuant to su* ,act2  7,e7   
report to ! ,comptroll] or ,director su*
 data z ei!r may require reg>d+ its     
activities1 includ+ ! types ( f9ancial  
products or s]vices provid$ to und]s]v$ 
consum]s & small bus9esses1 & data      
demon/rat+ t its bus9ess activities are 
focus$ prim>ily on s]v+ und]s]v$        
consum]s & small bus9esses z requir$ by 
?is ,act2  7,f7 (f]--  7i7 an und]s]v$  
consum] :o is unable to repay an        
ext5sion ( cr$it by an ,int]net cr$itor 
t has a loan repaym5t t]m ( less ?an    
#abj days1 an ext5d$ repaym5t plan1 at  
no co/ to ! consum]1 at lea/ once 9 a   
#ab-mon? p]iod2 &  7ii7 to ! ext5t      
reasonably possible1 c]ta9 f9ancial     
products or s]vices t conta9 features to
 facilitate p]sonal sav+s t c\ld help   
und]s]v$ consum]s enhance _! cr$it      
records if su* consum]s fully comply ) !
 t]ms & conditions ( su* products or    
s]vices2 &  7,g7 n--  7i7 accept consum]
 or comm]cial deposits2  7ii7 make      
comm]cial loans1 except to ! ext5t all[$

 by ! provisions ( ?is ,act &           
regulations prescrib$ pursuant to ?is   
,act1 ) respect to small bus9esses2     
7iii7 make a consum] loan ) a t]m ( #cj 
days or less2  7iv7 make a loan t       
requires a consum] to repay ! loan      
balance 9 "o lump-sum paym5t2 or  7v7   
ext5d cr$it to a consum]--  7,i7 unless 
! ,int]net cr$itor has a reasonable     
basis = believ+ t ! consum] w h !       
ability to repay ! cr$it ext5sion2      
7,,ii7 if ! maximum pr9cipal am\nt ( !  
cr$it out/&+ f all f9ancial products or 
s]vices au?oriz$ by ! ,int]net cr$itor  
to su* consum]1 9 ! case ( an unsecur$  
cr$it transaction1 exce$s #e1jjj1 or 9 !
 case ( a secur$ cr$it transaction1     
#be1jjj1 unless a high] am\nt is        
au?oriz$ by regulations prescrib$ by !  
,comptroll]2 or  7,,iii7 if ! loan t]ms 
include a prepaym5t p5alty2 or  7vi7    
ext5d cr$it to a small bus9ess 9 excess 
( #be1jjj4  7f7 ,additional product or  
s]vice (f]+s ,f9ancial products or      
s]vices t may be (f]$ to und]s]v$       

consum]s pursuant to ?is subsection =   
und]s]v$ consum]s & c]ta9 small         
bus9esses may also be (f]$ to o!r       
consum]s & bus9esses4  7g7 ,rule (      
con/ruction ,no?+ 9 ?is ,act is int5d$  
to provide ! ,comptroll] or ! ,director 
) ! au?ority to--  7#a7 regulate        
f9ancial products or s]vices t are      
provid$ or (f]$ by an affiliate company 
or ano!r entity t ! ,int]net cr$itor has
 a bus9ess relation%ip )1 b ! ,int]net  
cr$itor does n provide or (f] to        
und]s]v$ consum]s or small bus9esses 9  
accordance ) ?is ,act2  7#b7 det]m9e1   
directly or indirectly1 pric+ applicable
 to an ext5sion ( cr$it (f]$ by an      
,int]net cr$itor to a consum] or small  
bus9ess pursuant to ?is ,act ?r\gh a    
usury limit1 a cap on ! rate ( int]e/1  
fees1 or o!r *>ges1 or o!rwise2  7#c7   
prohibit1 directly or indirectly1 ! (f]+
 ( a f9ancial product or s]vice to      
und]s]v$ consum]s or small bus9esses by 
an ,int]net cr$itor pursuant to ?is ,act
 unless a det]m9ation is made by !      

,comptroll] or ,director1 bas$ on a fair
 & reasonable det]m9ation ( ! facts &   
circum/ances reg>d+ ! f9ancial product  
or s]vice1 t (f]+ su* a product or      
s]vice w s]i\sly h>m ! f9ancial int]e/s 
( und]s]v$ consum]s or small bus9esses2 
or  7#d7 presume or conclude t a cr$it  
ext5sion (f]$ to und]s]v$ consum]s by an
 ,int]net cr$itor "u ! provisions ( ?is 
,act1 regulations prescrib$ by ?is ,act1
 & su* o!r /atutes & regulations z ei!r 
may h adm9i/rative & en=cem5t au?ority =
 is unfair1 abusive1 or o!rwise         
inappropriate solely on ! basis t !     
int]e/ rates & o!r *>ges to su*         
consum]s1 :o typically pose relatively  
high cr$it risks1 are significantly     
high] ?an ^? on cr$it ext5sions (f]$ to 
o!r consum]s :o d n pose su* high cr$it 
risks4  7h7 ,int]net ,cr$itor regulatory
 fee ,ea* ,int]net cr$itor %all pay to !
 ,comptroll] an annual fee 9 a          
reasonable am\nt t ! ,comptroll]        
det]m9es is suffici5t1 9 ! aggregate (  
all su* fees paid by ,int]net cr$itors1 

to (fset ! co/ to ! ,comptroll] ( c>ry+ 
out ! provisions ( ?is ,act4  7i7 ,*>t] 
susp5sion or revocation ,! ,comptroll]1 
pursuant to proc$ures e/abli%$ 9        
regulations prescrib$ by ! ,comptroll]1 
may susp5d or revoke ! *>t] ( an        
,int]net cr$itor if !re has be5 a       
mat]ial failure by ! ,int]net cr$itor to
 comply ) ! requirem5ts set =? 9 ! *>t]1
 provisions ( ?is ,act1 or o!r          
applicable /atutes1 regulations1 or     
ord]s4  7j7 ,relation%ip to o!r ,f$]al &
 ,/ate laws  7#a7 ,f$]al law ,an        
,int]net cr$itor is subject to--  7,a7  
all o!rwise applicable provisions (     
,f$]al /atutes & regulations1 includ+ ! 
consum] f9ancial laws li/$ "u section   
#ajjb7ad7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha7ad771 section #ihg ( title #aj1   
,unit$ ,/ates ,code 7relat+ to consum]  
cr$it ext5d$ to s]vicememb]s &          
dep5d5ts71 & ! provisions ( ?is ,act &  
regulations e/abli%$ pursuant to ?is    
,act2 &  7,b7 ! adm9i/ration & en=cem5t 

( su* /atutes & regulations by !        
,comptroll]1 ! ,director1 any o!r ,f$]al
 ag5cy1 or ,/ate attorney g5]al 7or !   
equival5t !re(7 hav+ en=cem5t au?ority4 
7#b7 ,/ate law ,an ,int]net cr$itor1 or 
an employee1 ag5t1 or o!r bus9ess p>tn] 
( an ,int]net cr$itor1 %all n be subject
 to--  7,a7 ,/ate laws t relate to (fice
 location1 lic5s+1 education1 or tra9+ t
 apply to ! op]ations ( an ,int]net     
cr$itor1 or its employees1 ag5ts1 or o!r
 bus9ess p>tn]s to ! ext5t t ^!         
op]ations relate to ! ex]cise ( its p[]s
 or au?orities "u ?is ,act & implem5t+  
regulations to provide f9ancial products
 or s]vices to und]s]v$ consum]s & small
 bus9esses2 or  7,b7 o!r ,/ate laws t-- 
7i7 h a discrim9atory effect on an      
,int]net cr$itor comp>$ to ! effect (   
su* laws on any o!r depository or       
nondepository cr$itor *>t]$ or lic5s$ 9 
t ,/ate2  7ii7 consi/5t ) ! legal /&>d =
 preemption 9 ! decision ( ! ,supreme   
,c\rt ( ! ,unit$ ,/ates 9 ,b>nett ,bank 
( ,m>ion ,c\nty1 ,n4,a4 v4 ,nelson1     

,florida ,insurance ,commission]1 et    
al41 #eag ,u4,s4 #be 7#aiif71 prev5t or 
significantly int]f]e ) ! ex]cise by an 
,int]net cr$itor ( its p[]s & au?orities
 z set =? 9 ?is ,act2 or  7iii7 are     
preempt$ by any provision ( ,f$]al law4 
7#c7 ,det]m9ation ( preemption ,an      
,int]net cr$itor may *all5ge !          
applicability ( a ,/ate law z prev5t+ or
 significantly int]f]+ ) ! ex]cise ( su*
 cr$itor's p[]s "u ?is ,act1 or =       
violat+ any provision ( p>agraph 7#b71 9
 any c\rt ( compet5t jurisdiction1 & !  
,comptroll] or ,director1 by regulation 
or ord]1 or any c\rt ( compet5t         
jurisdiction may make a det]m9ation1 on 
a case-by-case basis1 t a ,/ate law     
prev5ts or significantly int]f]es ) !   
ex]cise ( an ,int]net cr$itor's p[]s "u 
?is ,act1 or violates a provision (     
p>agraph 7#b71 9 accordance ) applicable
 law4  7k7 ,en=cem5t  7#a7 ,9 g5]al ,!  
,comptroll] or ! ,director may en=ce 9  
any c\rt ( compet5t jurisdiction !      
provisions ( ?is ,act1 regulations      

prescrib$ pursuant to ?is ,act relat+ to
 _! respective regulatory au?ority 9 ?is
 ,act1 & _! respective cease & desi/ or 
o!r ord]s or regulatory requirem5ts4    
7#b7 ,action by ,/ate ,! attorney g5]al 
7or ! equival5t !re(7 ( any ,/ate %all h
 ! p[] to inve/igate violations ( ?is   
,act & may br+ a civil en=cem5t action 9
 ! "n ( su* ,/ate aga9/ an ,int]net     
cr$itor 9 any di/rict c\rt ( ! ,unit$   
,/ates or 9 ,/ate c\rt t has            
jurisdiction ov] ! ,int]net cr$itor & to
 secure civil p5alties & su* o!r rem$ies
 "u provisions ( ?is ,act or o!rwise    
provid$ "u o!r applicable law4  7#c7    
,consultation requir$  7,a7 ,notice  7i7
 ,9 g5]al ,:5 initiat+ any action 9 a   
c\rt or o!r adm9i/rative or regulatory  
proce$+ aga9/ any ,int]net cr$itor z    
au?oriz$ by ?is ,act to en=ce any       
provision ( ?is ,act1 includ+ any       
regulation pursuant to ?is ,act1 a copy 
( ! complete compla9t fil$ or to be fil$
 & writt5 notice describ+ su* action or 
proce$+ %all be provid$ to ! ,comptroll]

 & ! ,director by ! ,/ate attorney g5]al
 7or ! equival5t !re(7 prior to or      
imm$iately ^u in/itut+ ! action or      
proce$+4  7ii7 ,cont5ts ( notice ,!     
notification requir$ "u ?is p>agraph    
%all1 at a m9imum1 describe--  7,i7 !   
id5tity ( ! p>ties2  7,,ii7 ! alleg$    
facts und]ly+ ! proce$+2 &  7,,iii7 :e!r
 !re may be a ne$ to coord9ate !        
prosecution ( ! proce$+ s z n to int]f]e
 ) any action1 includ+ any rulemak+1    
und]tak5 by ! ,comptroll] or !          
,director4  7,b7 ,comptroll] & ,director
 response ,9 any action br\ght by a     
,/ate attorney g5]al 7or equival5t      
!re(71 ! ,comptroll] & ,director may--  
7i7 int]v5e 9 ! action z a p>ty2 &  7ii7
 ^u int]v5+--  7,i7 remove ! action to !
 appropriate ,unit$ ,/ates di/rict c\rt1
 if ! action 0 n orig9ally br\ght !re2  
7,,ii7 be he>d on all matt]s aris+ 9 !  
action2 &  7,,iii7 appeal any ord] or   
judgm5t1 to ! same ext5t z any o!r p>ty 
9 ! proce$+ may4  7#d7 ,regulations ,!  
,comptroll] & ! ,director %all jo9tly   

prescribe regulations to implem5t !     
requirem5ts ( ?is subsection &1 f "t to 
"t1 consult ) ,/ate attorneys g5]al 7or 
! equival5t !re(7 9 ord] to develop     
appropriate protocols to coord9ate      
actions ) ! ,/ate attorneys g5]al & o!r 
appropriate regulators4  7#e7           
,pres]vation ( ,/ate au?ority ,no       
provision ( ?is ,act %all be con/ru$ z  
modify+1 limit+1 or sup]s$+ ! op]ation (
 any provision ( any ,f$]al consum]     
f9ancial protection law or regulations  
prescrib$ pursuant to su* laws t relates
 to ! au?ority ( a ,/ate attorney g5]al 
7or ! equival5t !re(7 to en=ce su*      
,f$]al law & regulations4  7l7 ,p5alties
 = violations ,! relief available =     
violations ( provisions ( ?is ,act1     
regulations prescrib$ pursuant to ?is   
,act1 or ord]s or sup]visory m&ates1    
includ+ cease & desi/ ord]s1 ) respect  
to proce$+s involv+ ,int]net cr$itors by
 ! ,comptroll]1 ! ,director1 or ,/ate   
attorneys g5]al 7or ! equival5t !re(7   
%all be ! same z or equival5t to t      

provid$ ) respect to actions by !       
,director 9 section #ajee ( !           
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #eefe74  7m7 ,reports to congress ,n   
lat] ?an #ahj days aft] ! effective date
 ( ?is ,act1 & annually = #e ye>s       
!reaft]1 ! ,comptroll] & ! ,director    
%all submit to ,congress a jo9t report  
on _! activities & progress 9 help+ to  
exp& access to innovative & af=dable    
cr$it = und]s]v$ consum]s & small       
bus9esses1 & su* reports %all include-- 
7#a7 a descriptive summ>y ( ! actions ( 
! ,comptroll] & ! ,director dur+ !      
report+ p]iod to c>ry out ! purposes (  
?is ,act2  7#b7 ! numb] ( *>t]          
applications receiv$ by ! ,comptroll]2  
7#c7 ! numb] ( *>t] applications t 7    
approv$1 disapprov$1 conditionally      
approv$1 or are p5d+ & a detail$        
explanation ( ea* disapproval or        
conditional approval2  7#d7 a           
description ( any fur!r actions !       
,comptroll] or ! ,director believes %\ld

 be und]tak5 to--  7,a7 facilitate !    
*>t]+ ( qualifi$ nondepository          
in/itutions2 &  7,b7 increase ! numb] ( 
f9ancial products t are available to    
help increase competition & consum]     
*oice = und]s]v$ consum]s2 &  7#e7 any  
recomm5dations ! ,comptroll] or !       
,director may h reg>d+ o!r legislative  
measures t w\ld improve ! ability ( an  
,int]net cr$itor to provide additional  
f9ancial products or s]vices to und]s]v$
 consum]s or small bus9esses4  7n7      
,regulations ,! ,comptroll] & !         
,director %all consult & prescribe jo9t 
regulations implem5t+ ! provisions ( ?is
 ,act n lat] ?an #ahj days aft] !       
effective date ( ?is ,act4  #d4         
,def9itions ,9 ?is ,act3  7#a7          
,affiliate ,! t]m affiliate means any   
p]son t controls1 is controll$ by1 or is
 "u common control ) ano!r p]son4  7#b7 
,af=dable ,! t]m af=dable means t a     
cr$itor has a reasonable expectation t a
 consum] or small bus9ess w be able to  
repay an ext5sion ( cr$it4  7#c7        

,comm]cially viable ,! t]m comm]cially  
viable means t a reasonable economic    
pr(it is expect$ to be made :5 a        
f9ancial product or s]vice is provid$ to
 a consum] or small bus9ess4  7#d7      
,comptroll] ,! t]m ,comptroll] means !  
,comptroll] ( ! ,curr5cy4  7#e7 ,consum]
 ,! t]m consum] means an individual or  
ag5t1 tru/ee1 or repres5tative act+ on  
behalf ( an individual4  7#f7 ,control &
 controll$ by ,! t]ms control &         
controll$ by mean t--  7,a7 a p]son     
directly or indirectly or act+ ?r\gh #a 
or m o!r p]sons owns1 controls1 or has  
p[] to vote #be p]c5t or m ( any class (
 vot+ /ock ( a company2  7,b7 a p]son   
controls 9 any mann] ! election ( a     
majority ( ! directors or tru/ees ( a   
company2 or  7,c7 ! ,comptroll] makes a 
det]m9ation1 aft] notice & opportunity =
 he>+1 t a p]son directly or indirectly 
ex]cises a controll+ influ5ce ov] !     
managem5t or policies ( a company4  7#g7
 ,cr$it ,! t]m cr$it means ! "r grant$  
by a p]son to a consum] or a small      

bus9ess to def] paym5t ( a debt1 incur  
debt & def] its paym5t1 or pur*ase      
prop]ty or s]vices & def] paym5t = su*  
pur*ase4  7#h7 ,cr$itor ,! t]m cr$itor  
has ! same mean+ z is giv5 su* t]m 9    
section #ajc7;g7 ( ! ,tru? 9 ,l5d+ ,act 
7#ae ,u4,s4,c4 #afjb7;g771 & = purposes 
( ?is ,act1 %all include a p]son :o     
ext5ds cr$it to a small bus9ess pursuant
 to ! provisions ( ?is ,act4  7#i7      
,director ,! t]m ,director means !      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection4  7#aj7           
,electronic device ,! t]m electronic    
device means an electronic device t     
communicates by any transf] ( signs1    
signals1 writ+1 images1 s\nds1 data1 or 
intellig5ce ( any nature transmitt$ 9   
:ole or 9 "p by a wire1 radio1          
electromagnetic1 photoelectronic1 or    
photo-optical sy/em t affects int]/ate  
or =eign comm]ce4  7#aa7 ,ext5d$        
repaym5t plan ,! t]m ext5d$ repaym5t    
plan means an in/allm5t plan "u :i* a   
consum] :o is unable to repay a cr$it   

ext5sion on a loan ) a t]m ( less ?an   
#abj days on ! date due1 & :o complies )
 applicable requirem5ts e/abli%$ 9      
regulations pursuant to ?is ,act1 may   
repay a cr$itor ! out/&+ balance ( !    
loan 9 at lea/ #d sub/antially equal    
paym5ts )\t be+ *>g$ any additional     
int]e/1 fees1 or o!r *>ges4  7#ab7      
,f$]al consum] f9ancial laws ,! t]m     
,f$]al consum] f9ancial laws has ! same 
mean+ z is giv5 to t t]m 9 section      
#ajjb7ad7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha7ad774  7#ac7 ,f9ancial product or 
s]vice ,! t]m f9ancial product or s]vice
 has ! same mean+ z is giv5 ! t]m       
consum] f9ancial product or s]vice 9    
section #ajjb7e7 ( ! ,consum] ,f9ancial 
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edha7e771 & = purposes ( ?is ,act1 %all
 also include a f9ancial product or     
s]vice provid$ to a small bus9ess4      
7#ad7 ,insur$ depository in/itution &   
depository in/itution ,! t]ms insur$    
depository in/itution & depository      

in/itution 7also ref]r$ to h]e9 z       
depositories7 h ! same mean+s z are giv5
 su* t]ms "u section #c7;c7 ( ! ,f$]al  
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahac7;c771 & = purposes ( ?is ,act1    
also includes an insur$ cr$it union z   
su* t]m is def9$ "u section #aja7g7 ( ! 
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageb7g774  7#ae7 ,int]net ,! t]m      
,int]net means ! int]national comput]   
network ( int]op]able packet-swit*$ data
 networks4  7#af7 ,nondepository cr$itor
 ,! t]m nondepository cr$itor means an  
entity t is *>t]$ or lic5s$ by a ,/ate &
 (f]s p]sonal loans or o!r f9ancial     
products or s]vices to consum]s or small
 bus9esses1 b does n accept consum] or  
comm]cial deposits4  7#ag7 ,p]son ,! t]m
 p]son means an individual1 p>tn]%ip1   
company1 corporation1 association       
7incorporat$ or un9corporat$71 tru/1    
e/ate1 coop]ative organization1 or any  
o!r entity4  7#ah7 ,prim>y bus9ess      
activities ,! t]m prim>y bus9ess        
activities means t ! bus9ess activities 

( an ,int]net cr$itor pr$om9ately       
involve provid+ f9ancial products &     
s]vices to und]s]v$ consum]s & small    
bus9esses4  7#ai7 ,secur$ cr$it         
transaction ,! t]m secur$ cr$it         
transaction means--  7,a7 a consum]     
cr$it transaction :]e ! p]=mance ( !    
cr$it obligation is secur$ by an int]e/ 
9 prop]ty2 &  7,b7 su* transaction is   
recogniz$ z secur$ by ,/ate or ,f$]al   
law1 provid$1 h[ev]1 a consum]'s        
au?orization = an electronic fund       
transf] z a paym5t on a f9ancial product
 or s]vice %all n be consid]$1 =        
purposes ( ?is ,act1 z security on a    
cr$it transaction4  7#bj7 ,small bus9ess
 ,! t]m small bus9ess means a bus9ess   
entity1 includ+ a sole proprietor%ip1 t 
has less ?an #ejj full-"t employees4    
7#ba7 ,/ate ,! t]m ,/ate means--  7,a7 a
 ,/ate1 t]ritory1 or possession ( !     
,unit$ ,/ates1 ! ,di/rict ( ,columbia1 !
 ,commonweal? ( ,pu]to ,rico1 !         
,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1
 ,guam1 ,am]ican ,samoa1 & ! ,unit$     

,/ates ,virg9 ,isl&s4  7#bb7 ,und]s]v$  
consum] ,! t]m und]s]v$ consum] means a 
natural p]son :o--  7,a7 does n h a     
*eck+ or sav+s acc\nt ) an insur$       
depository in/itution2 or  7,b7 has a   
deposit acc\nt ) an insur$ depository   
in/itution1 b has limit$ or no ability  
to obta9 small p]sonal loans or o!r     
nondepository f9ancial products or      
s]vices f an insur$ depository          
in/itution4  7#bc7 ,unsecur$ cr$it      
transaction ,! t]m unsecur$ cr$it       
transaction means a consum] cr$it       
transaction :]e ! p]=mance ( ! cr$it    
obligation is n secur$ by an int]e/ 9   
prop]ty or :]e ! security int]e/ is n   
recogniz$ by ,/ate or ,f$]al law4  #e4  
,con=m+ am5dm5t to ,,tila ,section #ajd 
( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4   
#afjc7 is am5d$ by add+ at ! end !      
foll[+3  7#h7 ,cr$it transactions       
involv+ ext5sions ( cr$it ) a t]m ( #a  
ye> or less 9 :i* ! cr$itor provides    
consum]s 9 all su* cr$it transactions ) 
a cle> & conspicu\s /atem5t 9 ! loan    

agreem5t t discloses ! true co/ ( !     
loan1 includ+ all int]e/1 fees1 & o!r   
loan relat$ *>ges1 z a doll> am\nt & z a
 p]c5tage ( ! pr9cipal am\nt ( ! loan4  
4  #f4 ,effective date ,?is ,act %all be
 effective #ahj days aft] ! date ( !    
enactm5t ( ?is ,act4