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S 3245 111th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Consumer credit Contracts and agency Federal Reserve System Interest, dividends, interest rates

Payday Lending Limitation Act of 2010

Introduced: April 22, 2010 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 22, 2010
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 22, 2010
Introduced in Senate
 Plain-English summary Congressional Research Service

Payday Lending Limitation Act of 2010 - Amends the Truth in Lending Act to prohibit extending consumer credit of $3,000 or less, with an annual percentage rate (APR) exceeding 36% (or, in specified circumstances, 25%) and a term or amortization period of 91 days or less (covered loan), to an individual who has had in the aggregate: (1) six covered loans extended during the preceding 12-month period; or (2) covered loan obligations of 90 days or longer during the preceding 12-month period.

Requires the Board of Governors of the Federal Reserve System to issue specified implementing rules governing covered loans.

Declares unenforceable with respect to a consumer any contract made in violation of this Act.

Declares that this Act neither preempts nor prevents state law from providing greater protection to consumers than is provided under this Act.

What's happening now April 22, 2010

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2