legislation: 109-s-1878
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 109-s-1878 | 109 | s | 1878 | Predatory Payday Loan Prohibition Act of 2005 | Finance and Financial Sector | 2005-10-17 | 2005-10-17 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11438-11439) | Senate | Sen. Akaka, Daniel K. [D-HI] | HI | D | A000069 | 1 | Predatory Payday Loan Prohibition Act of 2005 - Amends the Truth in Lending Act to prohibit a creditor from making a payday loan to any person if the creditor knows, or has reasonable cause to believe, that: (1) the personal check or share draft received in exchange for the loan is drawn on an insured depository institution or an insured credit union; or (2) the account that will be debited in exchange for the loan is a transaction or share draft account at an insured depository institution or an insured credit union. Defines payday loan as any transaction in which a short-term cash advance is made to a consumer in exchange for: (1) the consumer's personal check or share draft in the amount of the advance plus a fee, where presentment or negotiation of the check or draft is deferred by agreement of the parties until a designated future date; or (2) the consumer's authorization to debit his or her transaction or share draft account in the amount of the advance plus a fee, where such account will be debited on or after a designated future date. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making any payday loan, either directly or indirectly; or (2) making a loan to another lender for purposes of financing, refinancing, or extending a payday loan. | 2023-01-13T04:49:48Z |