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HR 2563 111th Congress House

Payday Lending Reform Act of 2009

Official title: To amend the Truth in Lending Act to establish additional protections for consumers with regard to payday loans, and for other purposes.

Introduced: July 17, 2009 See on congress.gov
Finance and Financial Sector Civil actions and liabilityConsumer affairsConsumer creditInterest, dividends, interest ratesUser charges and fees
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 2009
Referred to the House Committee on Financial Services.
May 21, 2009
Introduced in House
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 Latest action May 21, 2009

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Payday Lending Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer.

Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets specified requirements.

Sets forth prohibited lender practices, including: (1) requiring a consumer to pay interest and fees that, combined, total more than 20 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted criminally to collect the loan; and (3) taking or attempting to take an interest in any of the consumer's personal property to secure the loan.

Authorizes a consumer to cancel future payment obligations on a payday loan, without cost or finance charges, by: (1) informing the creditor in writing within two days after executing the loan agreement that the consumer wants to rescind the loan; and (2) returning to the creditor the cash amount of the loan principal.

 Related & companion bills 1
  • HR 1214 Related bill Payday Loan Reform Act of 2009
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 10
All 10 Republican 3
Bright, Bobby
· Oct 13, 2009
Griffith, Parker
· Oct 13, 2009
 R
Blackburn, Marsha
Tennessee · Sep 10, 2009
McCarthy, Kevin
· Jul 24, 2009
 R
Carter, John R.
Texas · Jul 17, 2009
Childers, Travis
· Jul 17, 2009
HILL, BARON
· Jul 15, 2009
Lee, Christopher
· Jun 24, 2009
 R
Sessions, Pete
Texas · Jun 18, 2009
Minnick, Walter
· May 21, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2563: Payday Lending Reform Act of 2009. 111th Congress. Open America. https://openamerica.io/bill/111-HR-2563/
MLA
"H.R. 2563: Payday Lending Reform Act of 2009." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-2563/.
Bluebook (legal)
H.R. 2563, 111th Cong. (2026), https://openamerica.io/bill/111-HR-2563/.
Markdown link
[H.R. 2563: Payday Lending Reform Act of 2009](https://openamerica.io/bill/111-HR-2563/)
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