{
  "id": "RS21728",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RS21728",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
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      "source": "EveryCRSReport.com",
      "id": 315570,
      "date": "2006-06-07",
      "retrieved": "2016-04-07T19:01:02.956029",
      "title": "Payday Loans: Federal Regulatory Initiatives",
      "summary": "A payday loan arrangement permits an individual to use a personal check to get a small,\nshort-term,\ncash advance. The loans are typically for $100-$500. The borrower writes a postdated check for the\nloan amount and a fee. The lender holds the check until the borrower's next payday, usually two\nweeks. This source of short-term credit can be expensive. The fee charged on a 14-day payday loan\nis typically $15 to $17 per $100 advanced, amounts equivalent to an APR (annual percentage rate)\nof between 391% and 443%. A loan can become even more expensive if it is rolled over or\nextended.\n State laws have generally governed payday lending; some are silent while others have\nprohibited or restricted payday lenders. Payday loans are subject to the disclosure provisions of the\nfederal Truth-In-Lending Act. When payday lenders attempted to partner with banks and thrifts to\ncircumvent restrictive state laws, however, federal regulators issued supervisory guidance relating\nto payday loans. Depository institutions were cautioned that these arrangements introduced\nfinancial, compliance, and reputation risks. Consumer advocates are concerned that these guidelines\nmay not provide sufficient consumer protection. They have called on Congress to examine the\nactivities of payday lenders to see if reforms are needed to protect consumers. In the 109th Congress,\nseveral bills ( S. 1878 ,  H.R. 1643 ,  H.R. 1660 ,\n H.R. 4866 , and  H.R. 5350 ) have been introduced with provisions\naddressing the regulation of payday lending. This report provides information on the practice of\npayday lending and an overview of federal regulation and legislation. This report will be updated\nas events and legislation warrant.",
      "type": "CRS Report",
      "typeId": "REPORTS",
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    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs9204/",
      "id": "RS21728 2005-05-23",
      "date": "2005-05-23",
      "retrieved": "2006-09-18T09:37:51",
      "title": "Payday Loans: Federal Regulatory Initiatives",
      "summary": null,
      "type": "CRS Report",
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      ],
      "topics": [
        {
          "source": "LIV",
          "id": "Finance",
          "name": "Finance"
        },
        {
          "source": "LIV",
          "id": "Blue collar workers",
          "name": "Blue collar workers"
        },
        {
          "source": "LIV",
          "id": "Interest rates",
          "name": "Interest rates"
        },
        {
          "source": "LIV",
          "id": "Personal loans",
          "name": "Personal loans"
        },
        {
          "source": "LIV",
          "id": "Loans - Law and legislation",
          "name": "Loans - Law and legislation"
        },
        {
          "source": "LIV",
          "id": "Labor",
          "name": "Labor"
        },
        {
          "source": "LIV",
          "id": "Economic policy",
          "name": "Economic policy"
        },
        {
          "source": "LIV",
          "id": "Consumers",
          "name": "Consumers"
        }
      ]
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc817754/",
      "id": "RS21728_2005Apr12",
      "date": "2005-04-12",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Payday Loans: Federal Regulatory Initiatives",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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}