plan under which a consumer who is unable to repay 
a credit extension on a loan with a term of less than 
120 days on the date due, and who complies with 
applicable requirements established in regulations 
prescribed by the Comptroller, may repay a creditor 
the outstanding balance of the loan in at least 4 
substantially equal payments without being charged 
any additional interest, fees, or other charges. 
(10) FINANCIAL PRODUCT OR SERVICE.—The 
term ‘‘financial product or service’’ has the same 
meaning as is given the term ‘‘consumer financial 
product or service’’ in section 1002(5) of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 
5481(5)), and for purposes of this Act, shall mean 
a financial product or service provided to a small 
business. 
(11) INSURED DEPOSITORY INSTITUTION AND 
DEPOSITORY INSTITUTION.—The terms ‘‘insured de-
pository institution’’ and ‘‘depository institution’’ 
(also referred to herein as ‘‘depositories’’) have the 
same meanings as are given such terms under sec-
tion 3(c) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(c)), and for purposes of this Act, also 
includes an ‘‘insured credit union’’ as such term is 
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defined under section 101(7) of the Federal Credit 
Union Act (12 U.S.C. 1752(7)). 
(12) QUALIFIED NONDEPOSITORY CREDITOR.— 
The term ‘‘qualified nondepository creditor’’ means 
an entity that is chartered or licensed by a State 
and offers personal loans or other financial products 
or services to consumers or small businesses, but 
does not accept consumer or commercial deposits. 
(13) PERSON.—The term ‘‘person’’ means an 
individual, partnership, company, corporation, asso-
ciation (incorporated or unincorporated), trust, es-
tate, cooperative organization, or any other entity. 
(14) PRIMARY
BUSINESS
ACTIVITIES.—The 
term ‘‘primary business activities’’ means that the 
business activities of a Credit Corporation predomi-
nately involve providing financial products and serv-
ices approved by the Comptroller to underserved 
consumers and small businesses. 
(15) SECURED
CREDIT
TRANSACTION.—The 
term ‘‘secured credit transaction’’ means— 
(A) a consumer credit transaction where 
the performance of the credit obligation is se-
cured by an interest in property; and 
(B) such transaction is recognized as se-
cured by State or Federal law. 
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(16) SMALL BUSINESS.—The term ‘‘small busi-
ness’’ means a business entity, including a sole pro-
prietorship, that has less than 500 full-time employ-
ees. 
(17) STATE.—The term ‘‘State’’ means— 
(A) a State, territory, or possession of the 
United States, the District of Columbia, the 
Commonwealth of Puerto Rico, the Common-
wealth of the Northern Mariana Islands, Guam, 
American Samoa, and the United States Virgin 
Islands; and 
(B) federally recognized Indian tribes, as 
published by the Secretary of the Interior pur-
suant to section 104(a) of the Federally Recog-
nized Indian Tribe List Act of 1994 (25 U.S.C. 
479a–1(a)). 
(18) UNDERSERVED
CONSUMER.—The term 
‘‘underserved consumer’’ means a natural person 
who— 
(A) does not have a checking or savings 
account with an insured depository institution; 
or 
(B) has a deposit account with an insured 
depository institution, but has limited or no 
ability to obtain small personal loans or other 
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nondepository financial products or services 
from an insured depository institution. 
(19) UNSECURED CREDIT TRANSACTION.—The 
term ‘‘unsecured credit transaction’’ means a con-
sumer credit transaction where the performance of 
the credit obligation is not secured by an interest in 
property or where the security interest is not recog-
nized by State or Federal law. 
SEC. 5. CONFORMING AMENDMENT TO TILA. 
Section 104 of the Truth in Lending Act (15 U.S.C. 
1603) is amended by adding at the end the following: 
‘‘(8) Credit transactions involving extensions of 
credit with a term of 1 year or less in which the 
creditor provides consumers in all such credit trans-
actions with a clear and conspicuous statement in 
the loan agreement that discloses the true cost of 
the loan, including all interest, fees, and other loan 
related charges, as a dollar amount and as a per-
centage of the principal amount of the loan.’’. 
SEC. 6. EFFECTIVE DATE. 
This Act shall be effective 180 days after the date 
of the enactment of this Act. 
Æ 
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