HR 2871
110th Congress
House
Finance and Financial Sector
Bank loans
Checks
Loans
Payday Loan Reform Act of 2007
Introduced: June 26, 2007
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 26, 2007
Referred to the House Committee on Financial Services.
Jun 26, 2007
Sponsor introductory remarks on measure. (CR E1415)
Jun 26, 2007
Introduced in House
Plain-English summary
Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.
Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan.
Declares payday loan instruments or transactions void from inception.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1
Cosponsors
1