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H.R.1214 Payday Loan Reform Act of 2009, 111th Congress

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Official Bill Info

  • Latest Action: Feb 26, 2009 Referred to the House Committee on Financial Services.

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    I know the most recent action for this bill is as follows: "Referred to the House Committee on Financial Services." on Feb 26, 2009
  • Committee Assignment: House Committee on Financial Services

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Bill Statistics on OpenCongress

  • 20% of users support H.R.1214

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    20% of users on OpenCongress.org, a free, non-partisan resource, support H.R.1214.
  • H.R.1214 has been viewed 15,832 times

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    H.R.1214 has been viewed 15,832 times on OpenCongress.org, a free, non-partisan resource.
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    Opposing Organizations

    • National Consumer Law Center

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      I know that the organization National Consumer Law Center opposes H.R.1214
    • National Fair Housing Alliance

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      I know that the organization National Fair Housing Alliance opposes H.R.1214
    • National Community Reinvestment Coalition

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      I know that the organization National Community Reinvestment Coalition opposes H.R.1214
    • U.S. Public Interest Research Groups

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      I know that the organization U.S. Public Interest Research Groups opposes H.R.1214
    • Illinois Asset Building Group

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      I know that the organization Illinois Asset Building Group opposes H.R.1214
    • ACORN

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      I know that the organization ACORN opposes H.R.1214
    • Consumer Action

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      I know that the organization Consumer Action opposes H.R.1214
    • Americans for Fairness in Lending

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      I know that the organization Americans for Fairness in Lending opposes H.R.1214
    • Consumer Federation of America

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      I know that the organization Consumer Federation of America opposes H.R.1214
    • Consumers Union

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      I know that the organization Consumers Union opposes H.R.1214
    • Community Financial Services Association of America

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      I know that the organization Community Financial Services Association of America opposes H.R.1214
    • National Association of Consumer Advocates

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      I know that the organization National Association of Consumer Advocates opposes H.R.1214
    • Finance America of Louisiana

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      I know that the organization Finance America of Louisiana opposes H.R.1214

    Most-commented sections of the bill text

    Highest Rated User Comments

    • On August 23, 2009, by sheraJe - 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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      As noted by sheraJe, a user on OpenCongress.org, on August 23, 2009, "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 "
    • On February 24, 2010, by SavyVoter - 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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      As noted by SavyVoter, a user on OpenCongress.org, on February 24, 2010, "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."
    • On August 23, 2009, by sheraJe - So if you need short term loans, i.e. payday loans, they most definitely can be <a rev="vote for" title="The Difference Between Installment Loans and Payday Loans" href="http://personalmoneystore.com/moneyblog/2009/08/20/difference-installment-loans-payday-loans/ ">installment loans</a>.

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      As noted by sheraJe, a user on OpenCongress.org, on August 23, 2009, " So if you need short term loans, i.e. payday loans, they most definitely can be <a rev="vote for" title="The Difference Between Installment Loans and Payday Loans" href="http://personalmoneystore.com/moneyblog/2009/08/20/difference-installment-loans-payday-loans/ ">installment loans</a>. "

    Highly Rated Blog Articles

    • H.R.1214: To repeal mandatory funding for school-based health ... - March 27, 2011 by opencongress.org - 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

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      As noted by opencongress.org on March 27, 2011, "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" (http://www.opencongress.org/bill/112-h1214/show)
    • Payday Loans – Are They A Ripoff? - December 03, 2010 by 500 loan - 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, ...

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      As noted by 500 loan on December 03, 2010, "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, ..." (http://500loan.loantags.com/payday-loans-are-they-a-ripoff/)
    • One hour loans - Responsible Lending And Payday Loans - Payday ... - October 30, 2010 by One Hour Loan - 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

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      As noted by One Hour Loan on October 30, 2010, "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 " (http://www.onehourloan.org/responsible-lending-and-payday-loans/)

    Highly Rated News Articles

    • What's coming for Financial Institutions, Issuers, and Market ... - March 09, 2009 by Linex Legal - 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 ...

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      As noted by Linex Legal on March 09, 2009, "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 ..." (http://www.linexlegal.com/content.php?content_id=83098)
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