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Payday Borrower Protection Act of 2003

Introduced: June 10, 2003 See on congress.gov

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

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.

What's happening now June 17, 2003

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2