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- S.1878
S.1878: Predatory Payday Loan Prohibition Act of 2005
About This Bill
- This bill was introduced in the 109th Congress
- This bill is primarily about finance and financial sector
- Introduced Oct. 17, 2005
- Latest Major Action Oct. 17, 2005
Bill Sponsor
Bill Cosponsor
Bill Summary
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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| Oct. 17, 2005 |
Introduced in the Senate by Daniel K. Akaka (D-Hawaii) |