H.R.2871 - Payday Loan Reform Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Udall, Tom [D-NM-3] (Introduced 06/26/2007)|
|Committees:||House - Financial Services|
|Latest Action:||06/26/2007 Referred to the House Committee on Financial Services. (All Actions)|
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- Finance and Financial Sector
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Summary: H.R.2871 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (06/26/2007)
Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.
Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a 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.
Declares payday loan instruments or transactions void from inception.