Federal Payday Loan Consumer Protection Amendments of 2001

Summary

Federal Payday Loan Consumer Protection Amendments of 2001 - Amends the Federal Deposit Insurance Act with respect to any transaction (payday loan) in which a short-term cash advance is made to a consumer in exchange for: (1) the consumer's personal check or share draft, in the amount of the advance plus a fee, where presentment or negotiation is deferred by agreement of the parties until a designated future date; or (2) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date. Prohibits an insured depository institution from making: (1) payday loans; and (2) any loan to any lender in order to either finance, refinance, or extend a payday loan. Amends the Consumer Credit Protection Act to redefine credit to include a payday loan. Amends the Truth in Lending Act to prohibit a creditor from making a payday loan if the creditor has reasonable cause to believe that: (1) the personal check or share draft received in exchange for such loan is drawn upon either an insured depository institution or insured credit union; or (2) the account debited in exchange for such loan is a transaction or share draft account at an insured depository institution or an insured credit union. Sets forth civil liabilities for violations of this Act.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 March 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 15 March 2001

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• Introduced in House

  summary · EN · 15 March 2001

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