A bill to establish rules for small denomination, short-term, unsecured cash advances, such as "payday loans".
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.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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