Payday Loan Reform Act
The Payday Loan Reform Act amends the Truth in Lending Act by establishing "payday loan disclosure requirements" and creating "protections for consumers."
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Federal Legislation
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The Payday Loan Reform Act is detailed under the 2009 House of Representatives bill H.R.1214.
Sponsors of the Act
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In February 2009, the Act was introduced to the House of Representatives by Representative Luis Gutierrez, a democrat from Illinois. 39 other representatives signed on as co-sponsors.
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House Activity
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Also in February 2009, the Act was referred to the House Committee on Financial Services.
Disclosure Requirements
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The Act calls for payday loan creditors to provide a "clear and conspicuous description of the terms of the loan" as well as the total cost of fees and other charges.
Consumer Protections
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The Act looks to set limits on the interest and fees connected to payday loans and would require creditors to provide "interest-free extended repayment plans." The Act would also prevent creditors from threatening or initiating inappropriate legal action.
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