H.R.5350 - Federal Payday Loan Consumer Protection Amendments of 2006

To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to expand protections for consumers in connection with the making of such loans by uninsured entities, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Federal Payday Loan Consumer Protection Amendments of 2006 as introduced.
  • Official: To amend the Federal Deposit Insurance Act and the Truth in Lending Act to prohibit federally insured institutions from engaging in high-cost payday loans, to expand protections for consumers in connection with the making of such loans by uninsured entities, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/09/06
 
 
 
 
 
 
 

Sponsor

Senator

Tom Udall

D-NM

No Co-Sponsors

Official Summary

5/10/2006--Introduced.Federal Payday Loan Consumer Protection Amendments of 2006 - 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 any loan to any other lender for purposes

Official Summary


5/10/2006--Introduced.
Federal Payday Loan Consumer Protection Amendments of 2006 - 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 any loan to any other lender for purposes of financing, refinancing, or extending any payday loan.
Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.


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