HR 1319
107th Congress
House
Finance and Financial Sector
Alternative dispute resolution
Bank loans
Business records
Checks
Civil actions and liability
Collection of accounts
Commerce
Commercial arbitration
Consumer credit
Consumer education
Consumer protection
Credit insurance
Crime and Law Enforcement
Damages
Debtor and creditor
Electronic funds transfers
Fees
Fines (Penalties)
Fraud
Payday Borrower Protection Act of 2001
Introduced: March 29, 2001
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 24, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 29, 2001
Sponsor introductory remarks on measure. (CR E492)
Mar 29, 2001
Referred to the House Committee on Financial Services.
Mar 29, 2001
Introduced in House
Plain-English summary
Payday Borrower Protection Act of 2001 - Amends the Truth in Lending Act with respect to any deferred deposit loan (payday loan) in which credit is extended by a payday lender, for a specified period of time, upon the lender's receipt of: (1) a check made by the borrower for the amount of the credit extended, the presentment or negotiation of which will be deferred by agreement of the parties for such specified period; or (2) authorization from the borrower for the payday lender to initiate an electronic fund transfer at the end of the specified period from the borrower's account for the amount of the credit extended.
Prohibits the business of making payday loans in any State unless expressly authorized by State law meeting the requirements of this Act.
Amends the Federal Deposit Insurance Act to prohibit insured depository institutions from making: (1) payday loans except in full compliance with State law and at an interest rate less than 36 percent; or (2) any loan to a payday lender to finance payday loans unless that lender is in full compliance with specified Federal and State law.
Sets forth State licensing and regulatory procedure requirements for payday loans, including the provision of civil and criminal penalties for violations.
What's happening now
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Committees of jurisdiction
2