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Payday Loan Reform Act hearing today
WASHINGTON (4/2/09)--The House Financial Services subcommittee on Financial Institutions is scheduled to hold a hearing today on the Payday Loan Reform Act--H.R. 1214--which would address two major payday loan concerns. H.R. 1214 focuses on the fees charged by lenders for payday loans and the cycle of debt that consumers incur when they cannot immediately repay their loans. If approved, the bill would create a federal floor on which state consumer protections can be added and give borrowers a three-month repayment plan with no additional fees or interest. The bill also would prohibit lenders from making more than one payday loan at a time to a consumer, or to accept a payment plan payment from another payday loan. “The status quo in the payday lending industry is unacceptable,” said Rep. Luis Gutierrez (D-Ill.), subcommittee chairman. “And I will fight to provide a federal safety net for the working poor who are suffering the most in this economic downturn.” H.R. 1214 would “improve the payday lending laws in 23 states and provide additional consumer protections for millions of hardworking Americans who do not have access to the mainstream financial system,” Gutierrez added.


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