,,ii  #aafth ,,congress  #ast ,session  
,s4 #cjcf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ab1 
#bjai,mr4 ,jones 7for himself1 ,mr4     
,cotton1 and ,mr4 ,merkley7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to amend the ,truth in      
,lending ,act to prohibit the           
distribution of any check or other      
negotiable instrument as part of a      
solicitation by a creditor for an       
extension of credit1 to limit the       
liability of consumers in conjunction   
with such solicitations1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,unsolicited ,loan  
,act of #bjai4  #b4 ,unsolicited loan   
checks prohibited  7a7 ,in general      
,section #acb of the ,truth in ,lending 
,act 7#ae ,u4,s4,c4 #afdb7 is amended-- 
7#a7 by striking the section heading and
 inserting ,unsolicited credit2  7#b7 by
 inserting 7a7 ,credit cards4-- before  

,no credit2 and  7#c7 by adding at the  
end the following3  7b7 ,unsolicited    
loan checks or transfers ,no person may 
extend any consumer credit that is      
otherwise subject to this title by--    
7#a7 making an unsolicited transfer of  
funds to the consumer's credit or asset 
account2 or  7#b7 through the consumer's
 use of an unsolicited check1 other     
negotiable instrument1 access device or 
other means of initiating an electronic 
fund transfer as defined in section #ijc
 of the ,electronic ,fund ,transfer ,act
 7#ae ,u4,s4,c4 #afic;a71 or such other 
similar instrument or device as the     
,bureau may1 by rule1 determine1 that is
 sent to the consumer unless the        
consumer submitted a written application
 for1 or otherwise requested in writing1
 the extension of credit before the date
 on which the creditor sent the check1  
negotiable instrument1 access device or 
other similar instrument or device4  7c7
 ,look-,alike checks ,a certificate1    
voucher1 or other nonnegotiable         

instrument provided to a consumer in    
connection with a solicitation for an   
extension of credit that has the        
appearance of a check or other          
negotiable instrument is not an         
application or request for an extension 
of credit for purposes of this section4 
7d7 ,liability of consumer  7#a7        
,definitions ,in this subsection1 the   
terms consumer1 consumer reporting      
agency1 and consumer report have the    
meanings given the terms in section #fjc
 of the ,fair ,credit ,reporting ,act   
7#ae ,u4,s4,c4 #afha;a74  7#b7          
,agreement void ,any purported credit   
agreement entered into or debt          
purportedly incurred as a result of a   
violation of subsection 7a7 or 7b7 is   
void and the consumer or cardholder     
shall not be liable for and no person   
shall attempt to collect--  7,a7 the    
principal amount sent or transferred to 
the consumer in violation of this       
section2 or  7,b7 any interest1 charge1 
fee1 or penalty4  7#c7 ,consumer        

reporting ,no information relating to   
the liability of a consumer alleged by a
 creditor to have been established in   
violation of subsection 7a7 or 7b7 may  
be reported to or received by any       
consumer reporting agency or included in
 any consumer report4  7e7 ,regulations 
,not later than #ahj days after the date
 of enactment of this subsection1 the   
,bureau shall prescribe final           
regulations to implement this section4  
4  7b7 ,clerical amendment ,the item    
relating to section #acb in the table of
 sections for chapter #b of the         
,consumer ,credit ,protection ,act is   
amended to read as follows3 #acb4       
,unsolicited credit44  7c7 ,effective   
date ,the requirements of this ,act and 
the amendments made by this ,act shall  
apply to solicitations for extensions of
 credit made to consumers #ahj days     
after the date of enactment of this     
,act4