3.0.0 3245 2023-01-11T13:15:58Z 2023-01-11T13:15:58Z Senate S S 2010-04-22 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-04-22T16:49:58Z 2010-04-22 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2010-04-22 Introduced in Senate IntroReferral 10000 9 Library of Congress H001049 Sen. Hagan, Kay R. [D-NC] Kay Hagan D NC R. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2010-04-22 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2010-04-22 True Finance and Financial Sector Administrative law and regulatory procedures Consumer credit Contracts and agency Federal Reserve System Interest, dividends, interest rates Finance and Financial Sector 00 2010-04-22 Introduced in Senate 2010-06-08T20:36:51Z Payday Lending Limitation Act of 2010 - Amends the Truth in Lending Act to prohibit extending consumer credit of $3,000 or less, with an annual percentage rate (APR) exceeding 36% (or, in specified circumstances, 25%) and a term or amortization period of 91 days or less (covered loan), to an individual who has had in the aggregate: (1) six covered loans extended during the preceding 12-month period; or (2) covered loan obligations of 90 days or longer during the preceding 12-month period.

Requires the Board of Governors of the Federal Reserve System to issue specified implementing rules governing covered loans.

Declares unenforceable with respect to a consumer any contract made in violation of this Act.

Declares that this Act neither preempts nor prevents state law from providing greater protection to consumers than is provided under this Act.

]]> Payday Lending Limitation Act of 2010 Display Title Payday Lending Limitation Act of 2010 Official Title as Introduced A bill to establish rules for small denomination, short-term, unsecured cash advances, such as "payday loans". Introduced in Senate IS Short Titles as Introduced Payday Lending Limitation Act of 2010 Introduced in Senate 2010-04-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3245is/xml/BILLS-111s3245is.xml 2010-04-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.