H.R.2871 - Payday Loan Reform Act of 2007110th Congress (2007-2008)
Summary: H.R.2871 — 110th Congress (2007-2008)
Introduced in House (06/26/2007)
Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions.
Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a 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.
Declares payday loan instruments or transactions void from inception.