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Key Votes

HB 2191 - Authorizes Payday Loans - Key Vote

Pennsylvania Key Votes

Harry Readshaw III voted Nay (Passage) on this Legislation.

Read statements Harry Readshaw III made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Referred to Committee (Senate) -
Legislation - Bill Passed (House) (102-90) - (Key vote)

Title: Authorizes Payday Loans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that authorizes payday loans.

Highlights:
  • Prohibits any individual from contracting, originating, holding, arranging, extending, or making a short-term loan, whether electronically or by other means, without obtaining a license from the Department of Banking (Sec. 1).
  • Defines “short-term loan” as a loan or an advance of money or credit that is provided by a licensed short-term lender to an individual for a fee, finance charge, or other consideration (Sec. 1).
  • Prohibits a short-term lender from providing a loan to a borrower if providing the loan will result in either of the following (Sec. 1):
    • The borrower’s outstanding loans from short-term lenders will exceed 25 percent of his or her gross monthly income; or
    • The borrower’s outstanding loans will exceed $1,000.
  • Prohibits a short-term lender from knowingly making a loan to a borrower if the borrower has entered an extended payment plan that is still outstanding (Sec. 1).
  • Limits the finance charge for each short-term loan to $0.125 per $1.00 of the loan value (Sec. 1).
  • Authorizes a short-term lender to charge a $5 verification fee for a short-term loan or loan renewal, in addition to the finance charge (Sec. 1).
  • Prohibits a borrower from having outstanding loans from more than 2 short-term lenders at the same time (Sec. 1).
  • Prohibits a short-term loan business from being within 1,000 feet of any of the following, whereas existing law prohibits a short-term loan business from being within 100 feet (Sec. 1):
    • A racetrack or other location where both horse racing and pari-mutuel wagering take place;
    • A licensed facility where slot machine gambling takes place; and
    • A military installation or facility operated by the United States Department of Veterans Affairs.
  • Specifies that providing a short-term loan without a license is a third degree felony (Sec. 3).
Legislation - Introduced (House) -

Title: Authorizes Payday Loans

Sponsors

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