H.R. 1214 (111th): Payday Loan Reform Act of 2009

Introduced:
Feb 26, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Luis Gutiérrez
Representative for Illinois's 4th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Feb 26, 2009
Length
17 pages
Related Bills
H.R. 2563 (Related)
Payday Lending Reform Act of 2009

Referred to Committee
Last Action: May 21, 2009

 
Status

This bill was introduced on February 26, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 26, 2009
Referred to Committee Feb 26, 2009
 
Full Title

To amend the Truth in Lending Act to establish additional payday loan disclosure requirements and other protections for consumers, and for other purposes.

Summary

No summaries available.

Cosponsors
37 cosponsors (37D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/26/2009--Introduced.
Payday Loan Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer.
Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in English and Spanish in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets specified requirements.
Sets forth prohibited lender practices, including: (1) requiring a consumer to pay interest and fees that, combined, total more than 15 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted in criminal court to collect the loan; and (3) taking or attempting to take an interest in any of the consumer's personal property to secure the loan.
Authorizes a consumer to cancel future payment obligations on a payday loan, without cost or finance charges, by: (1) informing the creditor in writing within two days after executing the loan agreement that the consumer wants to rescind the loan; and (2) returning to the creditor the cash amount of the loan principal.
Empowers state attorneys general to enforce this Act.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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