Archive: Financial Services

  • Short-term Credit Services Act August 19, 2013

    Summary This Act establishes a system of regulations for those persons involved in the business of providing short-term credit services.  Model Policy {Title, enacting clause, etc.} Section 1.  {Short Title} This chapter shall be known and may be cited as the “Short-term Credit Services Act.” Section 2. {Definitions} As used in this chapter, unless the context otherwise requires: (A) “Check” means any check, draft, order, card, or other instrument for the payment of money. The term also includes any electronic equivalent of the preceding including stored value cards, internet transfers, and automated clearing house transactions. (B)  “Customer” means a person […]

  • Resolution in Opposition to a Consumer Financial Protection Agency March 15, 2013

    Resolution in Opposition to a Consumer Financial Protection Agency WHEREAS, Congress is considering legislation which would create a Consumer Financial Protection Agency (CFPA); and WHEREAS, the CFPA is a new federal agency that will increase spending and taxes during a time when our nation is running a record deficit; and WHEREAS, the CFPA will diminish choices for consumers, place burdensome regulations on businesses, place federal mandates on the states, and create a new patchwork of regulations for national banks; and WHEREAS, the end result of the CFPA will be that many consumers and businesses will be denied access to credit; […]

  • Electronic Pay Choice Act March 15, 2013

    Electronic Pay Choice Act Summary An Act relating to the method of payment of wages and salaries by employers to employees. Model Legislation {Title, enacting clause, etc.} Section 1. {Short Title.} This Act may be cited as the Electronic Pay Choice Act. Section 2. Payment of wages or salaries shall be in lawful money of the United States; and by check payable at face value upon demand in lawful money of the United States; or (C) by electronic automated fund transfer in lawful money of the United States into an account in the name of the employee at a financial […]

  • ALEC Resolution Opposing Overregulation of Payroll Cards March 15, 2013

    ALEC Resolution Opposing Overregulation of Payroll Cards Summary Payroll cards provide a safe, convenient, and cost-effective method of wage payment for both employees and employers—bringing underserved citizens into the financial mainstream. Existing laws on payroll cards provide important consumer protections. This resolution opposes recent efforts to over-regulate payroll card laws, such as unreasonable mandates on employers to provide programs that require free banking services which will ultimately increase the cost of payroll card provision, reduce the likelihood of their use, and consequently, their benefits. Model Resolution WHEREAS, a payroll card is a reloadable prepaid card issued to an employee by […]

  • Free Contract in Financing Act March 15, 2013

    Free Contract in Financing Act Summary The Free Contract in Financing Act removes restrictions on interest rates for all loans and sales, including those to both consumers and businesses, and allows borrowers and lending institutions to contract for a mutually agreeable interest rate. Model Legislation {Title, enacting clause, etc.} Section 1. This Act may be cited as the Free Contract in Financing Act. Section 2. {Contracting for extension of credit.} Not withstanding any contrary provision of the law, the parties to any transaction involving the extension of credit may contract for any interest, finance charge or other consideration for such […]

  • Expanded Consumer Choice In Financial Services Act March 15, 2013

    Expanded Consumer Choice In Financial Services Act Summary The Expanded Consumer Choice in Financial Services Act permits banks to fully compete in the financial services market by offering consumers a wide variety of investments and other financial services. This Act included safeguards to limit banks’ involvements in high-risk investments. Model Legislation {Title, enacting clause, etc.} Section 1. This Act may be cited as the Expanded Consumer Choice Financial Services Act. Section 2. {Investment powers.} A bank may invest its funds, and a trust company may invest its corporate funds, subject to the definitions, restrictions, and limitations listed in this Act. […]