H.R. 2563 · 111th Congress
Payday Lending Reform Act of 2009
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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.
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ShulerSponsor35 cosponsors · 15 D, 20 R
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Heller
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McHenry
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Minnick
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Jenkins
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Luetkemeyer
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Matheson
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Sessions
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Schmidt
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Lee
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Conaway
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Hill
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Marchant
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Posey
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Tiberi
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Carter
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Childers
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Granger
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Hall
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Neugebauer
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Hastings
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Mack
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McCarthy
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Davis
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Wexler
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Blackburn
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Cardoza
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Rehberg
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Boyd
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Burgess
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Bright
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Griffith
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Berkley
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Barrow
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Herseth Sandlin
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Kissell3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Payday Lending 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 · May 21, 2009
Payday Lending 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 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 20 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted criminally 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Payday Lending Reform Act of 2009
Latest action (May 21, 2009): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 21, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.