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HR 1319 107th Congress House

Payday Borrower Protection Act of 2001

Official title: To amend the Consumer Credit Protection Act and other banking laws to protect consumers who avail themselves of payday loans from usurious interest rates and e… Show full official titleShow less

Official title: To amend the Consumer Credit Protection Act and other banking laws to protect consumers who avail themselves of payday loans from usurious interest rates and exorbitant fees, perpetual debt, the use of criminal actions to collect debts, and other unfair practices by payday lenders, to encourage the States to license and closely regulate payday lenders, and for other purposes.

Introduced: May 2, 2001 See on congress.gov
Finance and Financial Sector Alternative dispute resolutionBank loansBusiness recordsChecks
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Civil actions and liabilityCollection of accountsCommerceCommercial arbitrationConsumer creditConsumer educationConsumer protectionCredit insuranceCrime and Law EnforcementDamagesDebtor and creditorElectronic funds transfersFeesFines (Penalties)Fraud
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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
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
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 Latest action April 24, 2001

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Plain-English summary Congressional Research Service
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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 6
All 6 Democratic 6
D
McCollum, Betty
Minnesota · Aug 2, 2001
 D
Hoyer, Steny H.
Maryland · May 2, 2001
 D
Davis, Danny K.
Illinois · Mar 29, 2001
 D
Norton, Eleanor Holmes
District of Columbia · Mar 29, 2001
 D
Schakowsky, Janice D.
Illinois · Mar 29, 2001
 D
Thompson, Bennie G.
Mississippi · Mar 29, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1319: Payday Borrower Protection Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-1319/
MLA
"H.R. 1319: Payday Borrower Protection Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-1319/.
Bluebook (legal)
H.R. 1319, 107th Cong. (2026), https://openamerica.io/bill/107-HR-1319/.
Markdown link
[H.R. 1319: Payday Borrower Protection Act of 2001](https://openamerica.io/bill/107-HR-1319/)
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