U.S. Congress - H.R.2871 Payday Loan Reform Act of 2007
H.R.2871 - Payday Loan Reform Act of 2007
To amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depository institutions and to prohibit insured depository institutions from making payday loans, and for other purposes. view all titles (2)
All Bill Titles
- Short: Payday Loan Reform Act of 2007 as introduced.
- Official: To amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depository institutions and to prohibit insured depository institutions from making payday loans, and for other purposes. as introduced.
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Official Summary
6/26/2007--Introduced.Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions. Amends the Federal Deposit Insurance Act to prohibit an insured depository institutionOfficial Summary
6/26/2007--Introduced.Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from:
(1) making or extending a 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. Declares payday loan instruments or transactions void from inception.
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