U.S. Congress - H.R.1214 Payday Loan Reform Act of 2009
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.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 7
- Past Seven Days: 28
- All-Time: 10,427
|
|
|
|
|
|
|
|
Committees
Official Summary
2/26/2009--Introduced.Payday Loan Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspiOfficial Summary
2/26/2009--Introduced.Payday Loan Reform Act of 2009 - Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless:(1) specified notices are posted conspicuously in English and Spanish in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and
(2) the creditor offers the consumer an extended repayment plan that meets specified requirements. Sets forth prohibited lender practices, including:
(1) requiring a consumer to pay interest and fees that, combined, total more than 15 cents for every dollar loaned in connection with a payday loan;
(2) threatening or seeking to have the consumer prosecuted in criminal court to collect the loan; and
(3) taking or attempting to take an interest in any of the consumer's personal property to secure the loan. Authorizes a consumer to cancel future payment obligations on a payday loan, without cost or finance charges, by:
(1) informing the creditor in writing within two days after executing the loan agreement that the consumer wants to rescind the loan; and
(2) returning to the creditor the cash amount of the loan principal. Empowers state attorneys general to enforce this Act.
...Read the Rest
Organizations Supporting H.R.1214
- None via MapLight at this time.
Organizations Opposing H.R.1214
- National Consumer Law Center
- National Fair Housing Alliance
- National Community Reinvestment Coalition
- U.S. Public Interest Research Groups
- Illinois Asset Building Group
- ACORN
- ...and 8 more. See all.
Recent News Coverage
What's coming for Financial Institutions, Issuers, and Market ...
Gutierrez (D-IL) also has introduced a payday lending bill, HR 1214, which would cap fees and interest rates, require extended repayment plans and require ...
Recent Blog Coverage
View All (201)
|
View Top Rated
H.R.1214: To repeal mandatory funding for school-based health ...
Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build pub
Payday Loans – Are They A Ripoff?
Congress is now considering the Payday Loan Reform Act of 2009 (HR 1214 IH). This bill would ostensibly regulate payday loans, but consumer protection groups are opposed. In a recent letter to US Representative Luis Gutierrez, ...
One hour loans - Responsible Lending And Payday Loans - Payday ...
Tһе bill сουƖԁ establish a “loan cap οf fifteen cents per dollar loaned іח H.R. 1214 authorizes lenders tο charge $60 fοr a typical $400 loan, wһісһ іѕ due іח one pay cycle” (HR 1214, 2009). WһіƖе tһіѕ sounds reasonable, іt
Users tracking H.R.1214 (17) are also tracking:
| Bills | People | Issues |
|---|---|---|
Users supporting H.R.1214 (4) are also:
| Supporting Bill | Supporting Senator | Supporting Representative |
|---|---|---|
| Opposing Bill | Opposing Senator | Opposing Representative |
|---|---|---|
Users opposing H.R.1214 (16) are also:
| Supporting Bill | Supporting Senator | Supporting Representative |
|---|---|---|
| Opposing Bill | Opposing Senator | Opposing Representative |
|---|---|---|
Vote on This Bill
-
Share This Bill
More Share via Email
