To amend the Consumer Credit Protection Act and other banking laws to protect consumers who avail themselves of payday loans from usurious interest rates and exorbitant fees, perpetual debt, the use of criminal actions to collect debts, and other unfair practices by payday lenders, to encourage the States to license and closely regulate payday lenders, and for other purposes.
Payday Borrower Protection Act of 1999 - Amends the Truth in Lending Act and the Federal Deposit Insurance Act to require persons under their jurisdiction engaged in the business of making payday loans to operate under State licensing and regulatory procedures which meet the criteria imposed by this Act for such transactions.
Expresses the sense of Congress that deferred deposit loans should only be lawful in States in which laws and regulations are in effect that meet the requirements of this Act, as determined by the Board of Governors of the Federal Reserve System.
Enumerates State licensing criteria, including the provision of civil and criminal penalties for violations.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR H2642)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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