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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/26/09
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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.

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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.




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