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 37
Members who signed on, in the order they did. Signatures ran from Feb 26, 2009 to Nov 19, 2009; 4 are original cosponsors, there from 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-FL | Kendrick B. Meek | Mar 9, 2009 | |
| D-NY | Maurice D. Hinchey | 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 | |
| D-FL | Debbie Wasserman Schultz | Mar 25, 2009 | |
| D-CA | Loretta Sanchez | Mar 30, 2009 | |
| D-MI | Carolyn C. Kilpatrick | Mar 31, 2009 | |
| D-CA | Fortney Pete Stark | Mar 31, 2009 | |
| D-CO | Jared Polis | Mar 31, 2009 | |
| D-CA | Jim Costa | Mar 31, 2009 | |
| D-MN | Timothy J. Walz | Mar 31, 2009 | |
| D-IL | Bill Foster | Apr 1, 2009 | |
| D-IN | Brad Ellsworth | Apr 1, 2009 | |
| D-NY | Carolyn McCarthy | Apr 1, 2009 | |
| D-KS | Dennis Moore | Apr 1, 2009 | |
| D-PA | Paul E. Kanjorski | Apr 1, 2009 | |
| D-FL | Suzanne M. Kosmas | Apr 1, 2009 | |
| D-IL | Danny K. Davis | Apr 21, 2009 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Apr 21, 2009 | |
| D-FL | Ron Klein | Apr 21, 2009 | |
| D-CA | Brad Sherman | May 5, 2009 | |
| D-NJ | Donald M. Payne | Jun 3, 2009 | |
| D-NY | Jose E. Serrano | Jun 3, 2009 | |
| D-TX | Silvestre Reyes | Jun 3, 2009 | |
| D-MI | Sander M. Levin | Jul 21, 2009 | |
| D-MI | Mark H. Schauer | Sep 15, 2009 | |
| D-IL | Melissa L. Bean | Sep 15, 2009 | |
| D-MI | Gary C. Peters | Nov 19, 2009 |
Withdrew 2 Raúl M. Grijalva D-AZ Apr 21, 2009·Keith Ellison D-MN May 4, 2009
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 Feb 26, 2009 |
Actions 3
Everything that happened, newest first.
- Feb 26, 2009Introduced in House
- Feb 26, 2009Sponsor introductory remarks on measure. (CR E493-494)
- Feb 26, 2009Referred 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 E493 | Luis V. Gutierrez D-IL | Feb 26, 2009 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 111-24 | H.R. 1214, THE PAYDAY LOAN REFORM ACT OF 2009136 pages | Financial Services Committee | Apr 2, 2009 |
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 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Truth in Lending Act to establish additional payday loan disclosure requirements and other protections for consumers, and for other purposes.
- Short Titles as Introduced
- Payday Loan Reform Act of 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
