Predatory Payday Loan Prohibition Act of 2005

Summary

Predatory Payday Loan Prohibition Act of 2005 - Amends the Truth in Lending Act to prohibit a creditor from making a payday loan to any person if the creditor knows, or has reasonable cause to believe, that: (1) the personal check or share draft received in exchange for the loan is drawn on an insured depository institution or an insured credit union; or (2) the account that will be debited in exchange for the loan is a transaction or share draft account at an insured depository institution or an insured credit union. Defines payday loan as any transaction 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 of the check or draft is deferred by agreement of the parties until a designated future date; or (2) the consumer's authorization to debit his or her transaction or share draft account in the amount of the advance plus a fee, where such account will be debited on or after a designated future date. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making any payday loan, either directly or indirectly; or (2) making a loan to another lender for purposes of financing, refinancing, or extending a payday loan.

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Timeline

1. 17 October 2005

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11438-11439)

   Source: IntroReferral

2. 17 October 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S11437-11438)

   Source: IntroReferral

3. 17 October 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 October 2005 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 October 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 October 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 17 October 2005

  Open at official source

Sponsors

• Rep. Akaka, Daniel K. [D-HI-2] · D · Sponsor
• Charles Schumer · D · Cosponsor
• · ssbk00 · Standing

Related records

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