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HR 2871 110th Congress House

Payday Loan Reform Act of 2007

Official title: To amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depo… Show full official titleShow less

Official title: To amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depository institutions and to prohibit insured depository institutions from making payday loans, and for other purposes.

Introduced: June 26, 2007 See on congress.gov
Finance and Financial Sector Bank loansChecksLoans
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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 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
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 Latest action June 26, 2007

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Schakowsky, Janice D.
Illinois · Jun 26, 2007
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2871: Payday Loan Reform Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-HR-2871/
MLA
"H.R. 2871: Payday Loan Reform Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-HR-2871/.
Bluebook (legal)
H.R. 2871, 110th Cong. (2026), https://openamerica.io/bill/110-HR-2871/.
Markdown link
[H.R. 2871: Payday Loan Reform Act of 2007](https://openamerica.io/bill/110-HR-2871/)
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