Sen. Jeff Merkley (D-OR), along with Sens. Doug Jones (D-AL) and Tom Cotton (R-AR), announced Tuesday the introduction of bipartisan legislation that would halt the predatory practice of mailing high-interest loans to consumers in the form of “live” checks.
When consumers receive these loan checks, the senators said, many unknowingly believe they have received money from their bank or financial institution, not realizing that the check is often a high-interest loan.
El Ley de préstamos no solicitados de 2018 would prohibit this practice and ensure that consumers access loans only when they proactively apply for them. This legislation mirrors the decades-old prohibition on the mailing of live credit cards, a news release stated.
“When you receive a check in the mail, it’s natural to assume that depositing it will help—not hurt—your bottom line,” Merkley said. “But these checks don’t pad consumers’ pocketbooks; instead, they send them into a vortex of debt.
“The practice of mailing high-interest loans disguised as checks is unconscionable and clearly predatory. Today, we’re sending a bipartisan message that this unacceptable practice must end,” Merkley added.
“As working Americans look to make ends meet, lenders will often target cash-strapped families with these mailings. It is unconscionable that someone would take advantage of another person’s dire financial situation to make a quick buck for themselves. We need to end this predatory lending tactic and pass this legislation to protect consumers and their pocketbooks,” said Senator Jones.
“People should understand clearly when they are taking on debt. But because ‘live’ checks mailed directly to consumers don’t require an application or any previous relationship with the consumer, many individuals don’t realize that these checks are actually high-interest loans until it’s too late. Just like Congress ended the practice of mailing ‘live’ credit cards nearly 50 years ago, Congress should pass our bill now to stop this underhanded practice,” said Senator Cotton.
Antecedentes de la Ley de Préstamos No Solicitados de 2018
Hace tiempo que el Congreso reconoce que los préstamos de consumo deben requerir una solicitud por parte del cliente. De hecho, el Congreso prohibió el envío de tarjetas de crédito activas no solicitadas hace casi 50 años. En los préstamos modernos, una solicitud de préstamo formal a menudo puede tomar solo unos minutos, y el proyecto de ley no prohíbe la comercialización directa o el envío por correo de una solicitud de préstamo. Esta legislación proporcionaría protecciones al consumidor de sentido común sin limitar el acceso al crédito para los consumidores que voluntariamente solicitan y buscan productos de préstamo.
El proyecto de ley también garantizaría que las empresas no puedan pasar del envío de cheques en vivo a otras formas de transferencia, como una tarjeta de regalo o un "cheque electrónico". Además, garantizaría que los clientes no sean responsables de las deudas contraídas por un préstamo de cheque vivo ilegal y no solicitado.
El Centro Nacional de Derecho del Consumidor ha respaldado esta legislación en nombre de sus clientes de bajos ingresos.
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