Transfer Act (15 U.S.C. 1693c) is amended by adding at 
the end the following: 
‘‘(d) 
LIMITATIONS
ON
REMOTELY
CREATED 
CHECKS.— 
‘‘(1) DEFINITION.—In this subsection— 
‘‘(A) the term ‘Federal consumer financial 
law’ has the meaning given the term in section 
1002 of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5481); and 
‘‘(B) the term ‘remotely created check’ 
means a check, including a paper or electronic 
check and any other payment order that the 
Bureau, by rule, determines is appropriately 
covered under this subsection, that— 
‘‘(i) is not created by the financial in-
stitution that holds the customer account 
from which the check is to be paid; and 
‘‘(ii) does not bear a signature ap-
plied, or purported to be applied, by the 
person from whose account the check is to 
be paid. 
‘‘(2) LIMITATIONS.—Subject to the limitations 
in paragraph (3) and any additional limitations that 
the Bureau may establish by rule, a remotely created 
check may only be issued by a person designated in 
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writing by a consumer, with that written designation 
specifically provided by the consumer to the insured 
depository institution at which the consumer main-
tains the account from which the check is to be 
drawn. 
‘‘(3) ADDITIONAL LIMITATIONS.— 
‘‘(A) IN
GENERAL.—A designation pro-
vided by a consumer under paragraph (2) may 
be revoked at any time by the consumer. 
‘‘(B) CONSUMER FINANCIAL PROTECTION 
LAWS.—No payment order, including a re-
motely created check, may be issued by any per-
son in response to the exercise of, or attempt to 
exercise, any right by a consumer under— 
‘‘(i) any Federal consumer financial 
law; or 
‘‘(ii) any other provision of any law or 
regulation within the jurisdiction of the 
Bureau.’’. 
(b) CONSUMER PROTECTIONS FOR CERTAIN ONE- 
TIME ELECTRONIC FUND TRANSFERS.—Section 913 of 
the Electronic Fund Transfer Act (15 U.S.C. 1693k) is 
amended— 
(1) in the matter preceding paragraph (1), by 
inserting ‘‘(a) IN GENERAL.—’’ before ‘‘No person’’; 
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(2) in subsection (a)(1), as so designated, by 
striking ‘‘preauthorized electronic fund transfers’’ 
and inserting ‘‘an electronic fund transfer’’; and 
(3) by adding at the end the following: 
‘‘(b) TREATMENT FOR ELECTRONIC FUND TRANS-
FERS IN CREDIT EXTENSIONS.—If a consumer voluntarily 
agrees to repay an extension of a small-dollar consumer 
credit transaction, as defined in section 110(a) of the 
Truth in Lending Act, by means of an electronic fund 
transfer, the electronic fund transfer shall be treated as 
a preauthorized electronic fund transfer subject to the pro-
tections of this title.’’. 
SEC. 3. TRANSPARENCY AND CONSUMER EMPOWERMENT 
IN SMALL-DOLLAR LENDING. 
(a) SMALL-DOLLAR
CONSUMER
CREDIT
TRANS-
ACTIONS.— 
(1) IN GENERAL.—The Truth in Lending Act 
(15 U.S.C. 1601 et seq.) is amended— 
(A) by inserting after section 109 (15 
U.S.C. 1608) the following: 
‘‘SEC. 110. REGISTRATION REQUIREMENT FOR SMALL-DOL-
LAR 
CONSUMER 
CREDIT 
TRANSACTION 
LENDERS. 
‘‘(a) DEFINITION.—In this section, the term ‘small- 
dollar consumer credit transaction’— 
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‘‘(1) means any transaction that extends credit 
that is— 
‘‘(A) made to a consumer in an amount 
that is not more than— 
‘‘(i) $5,000; or 
‘‘(ii) such greater amount as the Bu-
reau may, by rule, determine to reflect 
changes in the Consumer Price Index for 
all urban consumers published by the De-
partment of Labor; and 
‘‘(B) extended pursuant to an agreement 
that is— 
‘‘(i)(I) other than an open end credit 
plan; and 
‘‘(II) payable in 1 or more install-
ments of less than 12 months; 
‘‘(ii) an open end credit plan in which 
each advance is fully repayable within a 
defined time or in connection with a de-
fined event, or both; or 
‘‘(iii) any other plan as the Bureau 
determines, by rule; and 
‘‘(2) includes any action that facilitates, bro-
kers, arranges, or gathers applications for a trans-
action described in paragraph (1). 
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‘‘(b) REGISTRATION REQUIREMENT.—A person shall 
register with the Bureau before extending credit to a con-
sumer under a small-dollar consumer credit transaction.’’; 
and 
(B) in section 173 (15 U.S.C. 1666j), by 
adding at the end the following: 
‘‘(d) SMALL-DOLLAR CONSUMER CREDIT TRANS-
ACTIONS.—Notwithstanding any other provision of this 
title, any small-dollar consumer credit transaction, as de-
fined in section 110(a), shall be made in compliance with 
the laws of the State in which the consumer to which cred-
it in the transaction is extended resides with respect to 
annual percentage rates, interest, fees, charges, and such 
other similar or related matters as the Bureau may deter-
mine, by rule, if the small-dollar consumer credit trans-
action is— 
‘‘(1) made— 
‘‘(A) over the internet; 
‘‘(B) by telephone; 
‘‘(C) by facsimile; 
‘‘(D) by mail; 
‘‘(E) by electronic mail; or 
‘‘(F) through another electronic commu-
nication; or 
‘‘(2) conducted by a national bank.’’. 
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