H.R. 5350 · 109th Congress
Federal Payday Loan Consumer Protection Amendments of 2006
- Stage
- In committee
- Sponsor
- Tom Udall
- Introduced
- 2006-05-10
- Latest action
- 2006-05-22 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
Federal Payday Loan Consumer Protection Amendments of 2006 - 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 any loan to any other lender for purposes of financing, refinancing, or extending any payday loan.
Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.