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Payday Borrower Protection Act of 1999

Introduced: May 5, 1999 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 28, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

May 5, 1999

Referred to the House Committee on Banking and Financial Services.

May 5, 1999

Sponsor introductory remarks on measure. (CR H2642)

May 5, 1999

Introduced in House

Plain-English summary Congressional Research Service

Payday Borrower Protection Act of 1999 - Amends the Truth in Lending Act and the Federal Deposit Insurance Act to require persons under their jurisdiction engaged in the business of making payday loans to operate under State licensing and regulatory procedures which meet the criteria imposed by this Act for such transactions.

Expresses the sense of Congress that deferred deposit loans should only be lawful in States in which laws and regulations are in effect that meet the requirements of this Act, as determined by the Board of Governors of the Federal Reserve System.

Enumerates State licensing criteria, including the provision of civil and criminal penalties for violations.

What's happening now May 28, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2