HR 2407 108th Congress House

Payday Borrower Protection Act of 2003

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: June 10, 2003 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

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 17, 2003

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Jun 10, 2003

Referred to the House Committee on Financial Services.

Jun 10, 2003

Sponsor introductory remarks on measure. (CR E1193-1194)

Jun 10, 2003

Introduced in House

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Latest action June 17, 2003

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Plain-English summary Congressional Research Service

Payday Borrower Protection Act of 2003 - Amends the Truth in Lending Act to prohibit the business of making deferred deposit loans (payday loans) in any State unless expressly authorized by State law that meets 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 no more than the lesser of 36 percent or the maximum annual percentage rate allowable in the State; 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

Introduced in House Formatted Text PDF

Source documents hosted by congress.gov.

Committees of jurisdiction 2

Consumer Protection and Financial Institutions Subcommittee
House of Representatives · subcommittee of Financial Services Committee
Financial Services Committee
House of Representatives

Cosponsors 6

Davis, Danny K.

Illinois · Jun 10, 2003

DeLauro, Rosa L.

Connecticut · Jun 10, 2003

Norton, Eleanor Holmes

District of Columbia · Jun 10, 2003

Sanders, Bernard

Vermont · Jun 10, 2003

Schakowsky, Janice D.

Illinois · Jun 10, 2003

Thompson, Bennie G.

Mississippi · Jun 10, 2003

Cite this page click to expand

APA

U.S. Congress. (2026). H.R. 2407: Payday Borrower Protection Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-HR-2407/

MLA

"H.R. 2407: Payday Borrower Protection Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-2407/.

Bluebook (legal)

H.R. 2407, 108th Cong. (2026), https://openamerica.io/bill/108-HR-2407/.

Markdown link

[H.R. 2407: Payday Borrower Protection Act of 2003](https://openamerica.io/bill/108-HR-2407/)