H.R. 1214 · 111th Congress
Payday Loan Reform Act of 2009
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GutiérrezSponsor37 cosponsors · 37 D
D
Clay
GM
D
Meeks
DS
D
Scott
ET
D
Towns
YC
D
Clarke
MH
D
Hinchey
KM
D
Meek
AS
D
Sires
GA
D
Ackerman
BT
D
Thompson
JJ
D
Jackson
AH
D
Hastings
CP
D
Peterson
DW
D
Wasserman Schultz
LS
D
Sanchez
JC
D
Costa
CK
D
Kilpatrick
JP
D
Polis
PS
D
Stark
TW
D
Walz
BE
D
Ellsworth
BF
D
Foster
PK
D
Kanjorski
SK
D
Kosmas
CM
D
McCarthy
DM
D
Moore
DD
D
Davis
HJ
D
Johnson
RK
D
Klein
BS
D
Sherman
DP
D
Payne
SR
D
Reyes
JS
D
Serrano
SL
D
Levin
MB
D
Bean
MS
D
Schauer
GP
D
Peters4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Feb 26, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Payday Loan Reform Act of 2009
Latest action (Feb 26, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 26, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.