H.R.1214 - Payday Loan Reform Act of 2009

To amend the Truth in Lending Act to establish additional payday loan disclosure requirements and other protections for consumers, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Payday Loan Reform Act of 2009 as introduced.
  • Official: To amend the Truth in Lending Act to establish additional payday loan disclosure requirements and other protections for consumers, and for other purposes. as introduced.

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  • mitchpamf 04/09/2009 2:58pm

    You have got to be kidding me. The most predatory lending practice in history was caused by the Community Reinvestment Act (Newspeak for “loan money to our poor constituents (voters) who have no credit, and will likely default on their mortgage payments.”) – delivered by which party? and ultimately responsible for the collapse of the global economy. So, how about repealing the Community Reinvestment Act, if you are worried about “predatory lending”?!

  • sheraJe 08/23/2009 9:55pm

    Its nice to know that there are laws being made to protect the right of the citizens. People might wonder what is meant by installment loans. Installment loans are often mentioned as an aside to payday loans – although installment loans are technically the wider category of financial tools. Installment loans are simply loans of whatever type that are paid back in installments instead of all at once. Technically, most large loans are by definition installment loans – mortgages, auto loans, student loans, business loans all are paid in installments. Payday loans lenders usually have installment options, and in some states are required to by law, and typiclly have several installment plans available, if you need the option. http://www.opencongress.org/bill/111-h1214/comments

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  • qldaustralia 10/19/2009 10:06am

    I’m interested in learning why people oppose this bill. The only thing I can imagine is they’re people who work for payday loan companies or maybe don’t understand what these loans are – loans for a paycheck ahead of time at an APR of anywhere up to 500% of the paycheck). Or may it’s people assuming that if people have to use this they haven’t been “wise” with their money (though we don’t make that judgment about using credit cards since most people in this country use them at least once in a while, and many use them obviously more. People living in some areas don’t have access to a bank, and don’t have access to credit, so they can’t access credit cards with their lower interest rates.

    Payday loans exploit people who have access to few resources and should be regulated.

  • SavyVoter 02/24/2010 11:08am

    No consumer should consider borrowing $100-$1,000 to tide them over until payday at $15-$30 per $100—it is a recipe for disaster. Say someone borrows $1,000 for an unexpected bill. If they are only able to pay the fee each payday, after 5 paydates, they will have paid the principal amount, and STILL owe the original principal of $1,000! For someone paid twice a month, that is a total of $2,000 in ten weeks! If someone is living so tightly that they can not save $1,000, what chances are there that they will have enough disposable income to pay this thing back without racking up hundreds in fees? Not much, and this is exactly what make these bottom feeders a BILLION dollar industry! Let them come up with a sane, principled business model, or let them go under so that a reasonable alternative will arise to meet the needs of low-income individuals and families, one that preferably encourages saving over borrowing.

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