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United States · Bill · S

S. 1878 (109th)

Predatory Payday Loan Prohibition Act of 2005

referredUnited States· United States Congress· EN

Introduced

17 October 2005

Last action

17 October 2005 · Introduced

Status

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

Sponsors

Sen. Akaka, Daniel K. [D-HI], Sen. Schumer, Charles E. [D-NY]

Subjects

Discovery layer

Source updated

15 August 2025

Official sourceDownload fileView documentsShare

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.

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

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

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Versions

Documents

3 official files

Introduced in Senate (text)

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Leesvertaling

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  • 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

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  • Introduced in Senate

    summary · EN · 17 October 2005

    Open at official source

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Sponsors

Related records

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Sources

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