H.R. 1214: Payday Loan Reform Act of 2009

This is just an update. The act lost one of their sponsors, Rep. Raul Grijalva of Arizona (D). What’s worth sharing is this page. It will show the progress of the bill.

Luis Guitierrez is the head of the House Financial Services. This is where they clean the bill up.

This bill would be the first of its kind for payday loans. It’s competing with another bill sponsored by Dick Durbin named Senate Bill 500: Protecting Consumers from Unreasonable Credit Rates Acts of 2009.

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