Federal Payday Loan Consumer Protection Amendments of 2006

Fact Sheet API

Bill Number

HR 5350

Introduced

May 10, 2006

Latest Action

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Sponsor

Cosponsors

Topics

Advertising Bank loans Checks Civil actions and liability Commerce Congressional reporting requirements Consumer protection Credit unions Damages Debtor and creditor Deposit insurance Finance and Financial Sector Finance charges Government Operations and Politics Governmental investigations Interest rates Law Legal fees Liability (Law) Loans Usury Warning labels

Full Text

View Full Bill Text

Votes

Summary

Federal Payday Loan Consumer Protection Amendments of 2006 - Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making any payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan.

Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.

Actions

May 22, 2006

Referred to the Subcommittee on Financial Institutions and Consumer Credit.
May 10, 2006

Referred to the House Committee on Financial Services.
May 10, 2006

Sponsor introductory remarks on measure. (CR E788)
May 10, 2006

Introduced in House

Amendments

Related Bills