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HR 1055 107th Congress House Finance and Financial Sector Bank accounts Bank loans Checking accounts Checks Class actions (Civil procedure) Collection of accounts Commerce Consumer credit Consumer education Consumer protection Credit unions Damages Debtor and creditor Fees Interest rates Law Liability (Law) Personal loans

Federal Payday Loan Consumer Protection Amendments of 2001

Introduced: March 15, 2001 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 26, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 15, 2001
Referred to the House Committee on Financial Services.
Mar 15, 2001
Sponsor introductory remarks on measure. (CR H1417)
Mar 15, 2001
Introduced in House
 Plain-English summary Congressional Research Service
Federal Payday Loan Consumer Protection Amendments of 2001 - Amends the Federal Deposit Insurance Act with respect to any transaction (payday loan) in which a short-term cash advance is made to a consumer in exchange for: (1) the consumer's personal check or share draft, in the amount of the advance plus a fee, where presentment or negotiation is deferred by agreement of the parties until a designated future date; or (2) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

Prohibits an insured depository institution from making: (1) payday loans; and (2) any loan to any lender in order to either finance, refinance, or extend a payday loan.

Amends the Consumer Credit Protection Act to redefine credit to include a payday loan.

Amends the Truth in Lending Act to prohibit a creditor from making a payday loan if the creditor has reasonable cause to believe that: (1) the personal check or share draft received in exchange for such loan is drawn upon either an insured depository institution or insured credit union; or (2) the account debited in exchange for such loan is a transaction or share draft account at an insured depository institution or an insured credit union.

Sets forth civil liabilities for violations of this Act.

What's happening now March 26, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2