Payday Loan Reform Act of 2009

Summary

Payday Loan 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 English and Spanish 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 15 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted in criminal court 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. Empowers state attorneys general to enforce this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 February 2009

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 February 2009

   Introduced

   Sponsor introductory remarks on measure. (CR E493-494)

   Source: IntroReferral

3. 26 February 2009

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 February 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 February 2009 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 February 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 February 2009

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 26 February 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Gutierrez, Luis V. [D-IL-4] · D · Sponsor
• Rep. Towns, Edolphus [D-NY-10] · D · Sponsor
• Rep. Meeks, Gregory W. [D-NY-5] · D · Sponsor
• Rep. Clay, Wm. Lacy [D-MO-1] · D · Sponsor
• David Scott · D · Sponsor
• Rep. Meek, Kendrick B. [D-FL-17] · D · Cosponsor
• Rep. Clarke, Yvette D. [D-NY-9] · D · Cosponsor
• Rep. Sires, Albio [D-NJ-13] · D · Cosponsor
• Rep. Hinchey, Maurice D. [D-NY-22] · D · Cosponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Cosponsor
• Rep. Ellison, Keith [D-MN-5] · D · Cosponsor
• Rep. Ackerman, Gary L. [D-NY-5] · D · Cosponsor
• Rep. Thompson, Bennie G. [D-MS-2] · D · Cosponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Cosponsor
• Rep. Hastings, Alcee L. [D-FL-20] · D · Cosponsor
• Rep. Peterson, Collin C. [D-MN-7] · D · Cosponsor
• Rep. Wasserman Schultz, Debbie [D-FL-25] · D · Cosponsor
• Rep. Sanchez, Loretta [D-CA-46] · D · Cosponsor
• Rep. Costa, Jim [D-CA-21] · D · Cosponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Cosponsor
• Rep. Walz, Timothy J. [D-MN-1] · D · Cosponsor
• Rep. Polis, Jared [D-CO-2] · D · Cosponsor
• Rep. Kilpatrick, Carolyn C. [D-MI-13] · D · Cosponsor
• Rep. Kosmas, Suzanne M. [D-FL-24] · D · Cosponsor
• Rep. Ellsworth, Brad [D-IN-8] · D · Cosponsor
• Rep. Foster, Bill [D-IL-11] · D · Cosponsor
• Rep. Kanjorski, Paul E. [D-PA-11] · D · Cosponsor
• Rep. Moore, Dennis [D-KS-3] · D · Cosponsor
• Rep. McCarthy, Carolyn [D-NY-4] · D · Cosponsor
• Rep. Klein, Ron [D-FL-22] · D · Cosponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Cosponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Cosponsor
• Rep. Sherman, Brad [D-CA-32] · D · Cosponsor
• Rep. Reyes, Silvestre [D-TX-16] · D · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Serrano, Jose E. [D-NY-15] · D · Cosponsor
• Rep. Levin, Sander M. [D-MI-12] · D · Cosponsor
• Rep. Schauer, Mark H. [D-MI-7] · D · Cosponsor
• Rep. Bean, Melissa L. [D-IL-8] · D · Cosponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Payday Lending Reform Act of 2009