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United States · Bill · HR

H.R. 2407 (108th)

Payday Borrower Protection Act of 2003

referredUnited States· United States Congress· EN

Introduced

10 June 2003

Last action

17 June 2003 · Referred

Status

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Sponsors

Rep. Rush, Bobby L. [D-IL-1], Rep. Engel, Eliot L. [D-NY-16], Rep. Millender-McDonald, Juanita [D-CA-37], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Schakowsky, Janice D. [D-IL-9], ROBERT BRADY, Rep. Thompson, Bennie G. [D-MS-2], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Cummings, Elijah E. [D-MD-7], Rep. Jefferson, William J. [D-LA-2], Rep. Lee, Barbara [D-CA-12], Rep. English, Phil [R-PA-3], Rep. Owens, Major R. [D-NY-11], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Davis, Danny K. [D-IL-7], Rep. DeLauro, Rosa L. [D-CT-3], Rep. Hinojosa, Ruben [D-TX-15], Rep. Price, David E. [D-NC-4], Sen. Sanders, Bernard [I-VT], Rep. Michaud, Michael H. [D-ME-2], Rep. Conyers, John, Jr. [D-MI-13], Rep. Johnson, Eddie Bernice [D-TX-30]

Subjects

Discovery layer

Source updated

18 August 2025

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Summary

Payday Borrower Protection Act of 2003 - Amends the Truth in Lending Act to prohibit the business of making deferred deposit loans (payday loans) in any State unless expressly authorized by State law that meets the requirements of this Act. Amends the Federal Deposit Insurance Act to prohibit insured depository institutions from making: (1) payday loans except in full compliance with State law and at an interest rate no more than the lesser of 36 percent or the maximum annual percentage rate allowable in the State; or (2) any loan to a payday lender to finance payday loans unless that lender is in full compliance with specified Federal and State law. Sets forth State licensing and regulatory procedure requirements for payday loans, including the provision of civil and criminal penalties for violations.

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

Timeline

  1. 10 June 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 10 June 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 10 June 2003

    Introduced

    Sponsor introductory remarks on measure. (CR E1193-1194)

    Source: IntroReferral

  4. 10 June 2003

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  5. 17 June 2003

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 10 June 2003

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 10 June 2003

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 10 June 2003

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Sponsors

Related records

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Sources

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