3.0.0 1878 2023-01-13T04:49:48Z 2023-01-13T04:49:48Z Senate S S 2005-10-17 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-10-17T23:20:27Z 2005-10-17 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11438-11439) IntroReferral 2005-10-17 Sponsor introductory remarks on measure. (CR S11437-11438) IntroReferral B00100 9 Library of Congress 2005-10-17 Introduced in Senate IntroReferral 10000 9 Library of Congress A000069 Sen. Akaka, Daniel K. [D-HI] DANIEL AKAKA D HI KOHIKINA N S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2005-10-25 False Finance and Financial Sector Bank accounts Bank loans Checks Commerce Consumer credit Credit unions Fees Loans Finance and Financial Sector 00 2005-10-17 Introduced in Senate 2005-12-02T20:05:12Z 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.

]]> Predatory Payday Loan Prohibition Act of 2005 Display Title Predatory Payday Loan Prohibition Act of 2005 Official Title as Introduced A bill to prohibit predatory payday loans, and for other purposes. Introduced in Senate IS Short Titles as Introduced Predatory Payday Loan Prohibition Act of 2005 Introduced in Senate 2005-10-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1878is/xml/BILLS-109s1878is.xml 2005-10-17 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11438-11439) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.