U.S. Congress - S.1878 Predatory Payday Loan Prohibition Act of 2005
S.1878 - Predatory Payday Loan Prohibition Act of 2005
A bill to prohibit predatory payday loans, and for other purposes. view all titles (2)
All Bill Titles
- Short: Predatory Payday Loan Prohibition Act of 2005 as introduced.
- Official: A bill to prohibit predatory payday loans, and for other purposes. as introduced.
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Official Summary
10/17/2005--Introduced.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 exchangeOfficial Summary
10/17/2005--Introduced.
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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Overview - OpenCongress
This bill is the latest iteration of legislation (HR 1664, S. 1878) introduced earlier in this Congress. That legislation would have authorized the National Archives and Records Administration (NARA) to make pass-through ...
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