HR 1319 · 107th Congress 2001–2003, ended

Payday Borrower Protection Act of 2001

Introduced Mar 29, 2001 Originated House Sponsor Bobby L. Rush D-IL

Latest action · Apr 24, 2001 Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMar 29, 2001
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Payday Borrower Protection Act of 2001 - Amends the Truth in Lending Act with respect to any deferred deposit loan (payday loan) in which credit is extended by a payday lender, for a specified period of time, upon the lender's receipt of: (1) a check made by the borrower for the amount of the credit extended, the presentment or negotiation of which will be deferred by agreement of the parties for such specified period; or (2) authorization from the borrower for the payday lender to initiate an electronic fund transfer at the end of the specified period from the borrower's account for the amount of the credit extended.

Prohibits the business of making payday loans in any State unless expressly authorized by State law meeting the requirements of this Act.

Amends the Federal Deposit Insurance Act to prohibit insured depository institutions from making: (1) payday loans except in full compliance with State law and at an interest rate less than 36 percent; or (2) any loan to a payday lender to finance payday loans unless that lender is in full compliance with specified Federal and State law.

Sets forth State licensing and regulatory procedure requirements for payday loans, including the provision of civil and criminal penalties for violations.

Cosponsors 30

Members who signed on, in the order they did. Signatures ran from Mar 29, 2001 to Nov 22, 2002; 23 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-CA	Barbara Lee	Original	Mar 29, 2001
D-MA	Barney Frank	Original	Mar 29, 2001
D-MS	Bennie G. Thompson	Original	Mar 29, 2001
D-MN	Bill Luther	Original	Mar 29, 2001
D-NJ	Bill Pascrell, Jr.	Original	Mar 29, 2001
D-FL	Carrie P. Meek	Original	Mar 29, 2001
D-TX	Charles A. Gonzalez	Original	Mar 29, 2001
D-FL	Corrine Brown	Original	Mar 29, 2001
D-GA	Cynthia A. McKinney	Original	Mar 29, 2001
D-IL	Danny K. Davis	Original	Mar 29, 2001
D-VI	Donna M. Christensen	Original	Mar 29, 2001
D-NY	Edolphus Towns	Original	Mar 29, 2001
D-DC	Eleanor Holmes Norton	Original	Mar 29, 2001
D-MD	Elijah E. Cummings	Original	Mar 29, 2001
D-CA	Ellen O. Tauscher	Original	Mar 29, 2001

Show all 30 cosponsors

Withdrew 1 Melissa A. Hart R-PA Jun 14, 2001

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Financial Services Committee	Referred Mar 29, 2001
	Consumer Protection and Financial Institutions Subcommittee	Referred Apr 24, 2001

Actions 4

Everything that happened, newest first.

Apr 24, 2001Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Mar 29, 2001Introduced in House
Mar 29, 2001Sponsor introductory remarks on measure. (CR E492)
Mar 29, 2001Referred to the House Committee on Financial Services.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Extensions	Debate and remarks E492	Bobby L. Rush D-IL	Mar 29, 2001

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Consumer Credit Protection Act and other banking laws to protect consumers who avail themselves of payday loans from usurious interest rates and exorbitant fees, perpetual debt, the use of criminal actions to collect debts, and other unfair practices by payday lenders, to encourage the States to license and closely regulate payday lenders, and for other purposes.
Short Titles as Introduced: Payday Borrower Protection Act of 2001

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Mar 29, 2001Introduced in House

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.