Payday Loan Reform Act of 2009
Latest action · Feb 26, 2009 Referred to the House Committee on Financial Services.
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.
- IntroducedFeb 26, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 39
Members who signed on, in the order they did. Signatures ran from Feb 26, 2009 to Nov 19, 2009, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-GA | David Scott | Original | Feb 26, 2009 |
| D-NY | Edolphus Towns | Original | Feb 26, 2009 |
| D-NY | Gregory W. Meeks | Original | Feb 26, 2009 |
| D-MO | Wm. Lacy Clay | Original | Feb 26, 2009 |
| D-NJ | Albio Sires | Mar 9, 2009 | |
| D-MN | Keith Ellison | Mar 9, 2009 | |
| D-FL | Kendrick B. Meek | Mar 9, 2009 | |
| D-NY | Maurice D. Hinchey | Mar 9, 2009 | |
| D-AZ | Raúl M. Grijalva | Mar 9, 2009 | |
| D-NY | Yvette D. Clarke | Mar 9, 2009 | |
| D-MS | Bennie G. Thompson | Mar 16, 2009 | |
| D-NY | Gary L. Ackerman | Mar 16, 2009 | |
| D-IL | Jesse L. Jackson, Jr. | Mar 18, 2009 | |
| D-FL | Alcee L. Hastings | Mar 19, 2009 | |
| D-MN | Collin C. Peterson | Mar 24, 2009 |
Actions 3
Everything that happened, newest first.
- Feb 26, 2009Introduced in House
- Feb 26, 2009Referred to the House Committee on Financial Services.
- Feb 26, 2009Sponsor introductory remarks on measure. (CR E493-494)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2563 | Payday Lending Reform Act of 2009 | Related bill | May 21, 2009 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Feb 26, 2009Introduced in House
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.