Consumer Lending Education And Reform Act or the C.L.E.A.R. Act - Amends the Truth in Lending Act to limit the interest, fees and charges that a payday lender may require a consumer to pay with respect to an original payday loan and a refinanced payday loan.
Prohibits a payday lender from: (1) requiring a consumer to pay an origination fee for a payday loan that is refinanced; or (2) making or refinancing a payday loan unless the creditor has first provided the consumer with a copy of a written loan agreement, signed by the creditor and by the consumer, which includes specified information in English and in the language in which the loan was negotiated.
Requires a payday lender to file a surety bond.
Prohibits a payday lender from making or refinancing a payday loan unless the terms of the loan require the creditor, upon receiving notice of consumer's inability to repay, to provide the consumer with notice of and the right to opt into an extended payment plan, without charge, one time in any 12-month period.
Prohibits a creditor from engaging in any collection activity (or procuring the services of any other for such purpose) during the term of any extended payment plan.