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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Payday Lending Reform Act of 2009

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Truth in Lending Act to establish additional protections for consumers with regard to payday loans, and for other purposes.


Actions Overview (1)

Date Actions Overview
05/21/2009Introduced in House

All Actions (2)

Date All Actions
05/21/2009Referred to the House Committee on Financial Services.
Action By: House of Representatives
05/21/2009Introduced in House
Action By: House of Representatives

Cosponsors (35)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Minnick, Walter [D-ID-1]* 05/21/2009
Rep. Heller, Dean [R-NV-2]* 05/21/2009
Rep. McHenry, Patrick T. [R-NC-10]* 05/21/2009
Rep. Luetkemeyer, Blaine [R-MO-9] 06/18/2009
Rep. Sessions, Pete [R-TX-32] 06/18/2009
Rep. Jenkins, Lynn [R-KS-2] 06/18/2009
Rep. Schmidt, Jean [R-OH-2] 06/18/2009
Rep. Matheson, Jim [D-UT-2] 06/18/2009
Rep. Lee, Christopher J. [R-NY-26] 06/24/2009
Rep. Hill, Baron P. [D-IN-9] 07/15/2009
Rep. Posey, Bill [R-FL-15] 07/15/2009
Rep. Marchant, Kenny [R-TX-24] 07/15/2009
Rep. Tiberi, Patrick J. [R-OH-12] 07/15/2009
Rep. Conaway, K. Michael [R-TX-11] 07/15/2009
Rep. Carter, John R. [R-TX-31] 07/17/2009
Rep. Childers, Travis [D-MS-1] 07/17/2009
Rep. Neugebauer, Randy [R-TX-19] 07/17/2009
Rep. Granger, Kay [R-TX-12] 07/17/2009
Rep. Hall, Ralph M. [R-TX-4] 07/17/2009
Rep. Hastings, Alcee L. [D-FL-23] 07/24/2009
Rep. Mack, Connie [R-FL-14] 07/24/2009
Rep. McCarthy, Kevin [R-CA-22] 07/24/2009
Rep. Davis, Lincoln [D-TN-4] 07/31/2009
Rep. Wexler, Robert [D-FL-19] 09/08/2009
Rep. Blackburn, Marsha [R-TN-7] 09/10/2009
Rep. Rehberg, Denny [R-MT-At Large] 09/30/2009
Rep. Cardoza, Dennis A. [D-CA-18] 09/30/2009
Rep. Boyd, Allen [D-FL-2] 10/07/2009
Rep. Burgess, Michael C. [R-TX-26] 10/08/2009
Rep. Griffith, Parker [D-AL-5] 10/13/2009
Rep. Bright, Bobby [D-AL-2] 10/13/2009
Rep. Berkley, Shelley [D-NV-1] 10/14/2009
Rep. Barrow, John [D-GA-12] 11/02/2009
Rep. Herseth Sandlin, Stephanie [D-SD-At Large] 01/26/2010
Rep. Kissell, Larry [D-NC-8] 09/14/2010

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services05/21/2009 Referred to

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Subjects (6)


Latest Summary (1)

There is one summary for H.R.2563. View summaries

Shown Here:
Introduced in House (05/21/2009)

Payday Lending 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 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 20 cents for every dollar loaned in connection with a payday loan; (2) threatening or seeking to have the consumer prosecuted criminally 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.