Payday Borrower Protection Act of 2005

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<br/>4/14/2005--Introduced.<br/>Payday Borrower Protection Act of 2005 - 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% 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 requirements for payday loans, including civil and criminal penalties for violations.<br/>

introduced

35724

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32850

Payday Borrower Protection Act of 2005

short

introduced

35724

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32851

To amend the Consumer Credit Protection Act and other banking laws to protect consumers who avail themselves of payday loans from usurious interest rates and exorbitant fees, perpetual debt, the use of criminal actions to collect debts, and other unfair practices by payday lenders, to encourage the States to license and closely regulate payday lenders, and for other purposes.

official

action

35724

1116475200 Thu May 19 00:00:00 -0500 2005 71526

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

R000515 1946-11-23

4351

2416 Rayburn House Office Building

http://www.house.gov/rush/zipauth.shtml

1 202-226-0333 Bobby

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M 400350 Rush

Bobby_L._Rush

Lee Rep. Bobby Rush [D, IL-1]

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N00004887

33384

Democrat 202-225-4372 Protestant IL

Rep.

Bobby Rush

0.631840796019901

http://www.house.gov/rush/

L000397 1947-12-21

3574

102 Cannon House Office Building

http://lofgren.house.gov/emailform.shtml

16 202-225-3336 Zoe

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F 400245 Lofgren

Zoe_Lofgren

Rep. Zoe Lofgren [D, CA-16]

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Democrat 202-225-3072 Lutheran CA

Rep.

Zoe Lofgren

5.5

http://lofgren.house.gov/

action

35724

1116475200 Thu May 19 00:00:00 -0500 2005 71526

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

introduced

35724

1113451200 Thu Apr 14 00:00:00 -0500 2005 71524

action

35724

1113451200 Thu Apr 14 00:00:00 -0500 2005 71525

Referred to the House Committee on Financial Services.