S. 5129, titled the "SAFE Lending Act of 2024," aims to enhance consumer protections in electronic lending. It amends the Truth in Lending Act and the Electronic Fund Transfer Act to prevent unauthorized use of remotely created checks and ensure transparency in small-dollar...
Simple Explanation
The SAFE Lending Act of 2024 is like a set of new rules to make sure when people borrow small amounts of money online, the process is fair and clear, so they don't end up with surprise fees or tricky situations. It sets up guidelines for lenders to be honest, especially when loans happen over the internet, and helps to keep people's money details private and safe.