H.R.1660 - Payday Borrower Protection Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Rush, Bobby L. [D-IL-1] (Introduced 04/14/2005)|
|Committees:||House - Financial Services|
|Latest Action:||05/19/2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1660 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (04/14/2005)
Payday Borrower Protection Act of 2005 - Amends the Truth in Lending Act to prohibit the business of making deferred deposit loans (payday loans) in any state unless expressly authorized by state law that meets 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 no more than the lesser of 36% or the maximum annual percentage rate allowable in the state; 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 requirements for payday loans, including civil and criminal penalties for violations.