Skip to main content
HR 1055 107th Congress House

Federal Payday Loan Consumer Protection Amendments of 2001

Official title: To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to … Show full official titleShow less

Official title: To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to expand protections for consumers in connection with the making of such loans by uninsured entities, and for other purposes.

Introduced: March 15, 2001 See on congress.gov
Finance and Financial Sector Bank accountsBank loansChecking accountsChecks
More subjectsShow fewer subjects
Class actions (Civil procedure)Collection of accountsCommerceConsumer creditConsumer educationConsumer protectionCredit unionsDamagesDebtor and creditorFeesInterest ratesLawLiability (Law)Personal loans
Sign in to write a letter Sign in to watch
This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action March 26, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2
D
Davis, Danny K.
Illinois · Apr 3, 2001
 D
Schakowsky, Janice D.
Illinois · Mar 15, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1055: Federal Payday Loan Consumer Protection Amendments of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-1055/
MLA
"H.R. 1055: Federal Payday Loan Consumer Protection Amendments of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-1055/.
Bluebook (legal)
H.R. 1055, 107th Cong. (2026), https://openamerica.io/bill/107-HR-1055/.
Markdown link
[H.R. 1055: Federal Payday Loan Consumer Protection Amendments of 2001](https://openamerica.io/bill/107-HR-1055/)
Report a problem