HB 2191 - Authorizes Payday Loans - Key Vote
Pennsylvania Key Votes
Legislation - Referred to Committee (Senate) - June 18, 2012
Legislation - Bill Passed (House) (102-90) - June 6, 2012 (Key vote)
Title: Authorizes Payday Loans
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- 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) - March 14, 2012
Title: Authorizes Payday Loans
- Bryan B. Barbin (PA - D)
- John C. Bear (PA - R) (Out Of Office)
- Scott W. Boyd (PA - R) (Out Of Office)
- Mike Carroll (PA - D)
- Jim Christiana (PA - R)
- Thomas C. 'Tom' Creighton (PA - R) (Out Of Office)
- Sheryl M. Delozier (PA - R)
- Gordon R. Denlinger (PA - R)
- Brian L. Ellis (PA - R)
- John R. Evans (PA - R) (Out Of Office)
- Frank Farry (PA - R)
- Jaret A. Gibbons (PA - D)
- Mauree A. Gingrich (PA - R)
- Seth M. Grove (PA - R)
- Julie L. Harhart (PA - R)
- C. Adam Harris (PA - R)
- Timothy F. 'Tim' Hennessey (PA - R)
- David S. Hickernell (PA - R)
- Thomas H. 'Tom' Killion (PA - R)
- Nick Kotik (PA - D)
- Ronald S. 'Ron' Marsico (PA - R)
- David R. Millard (PA - R)
- Ronald E. 'Ron' Miller (PA - R)
- Duane Milne (PA - R)
- Bernard T. 'Bernie' O'Neill (PA - R)
- Chris Sainato (PA - D)
- Stanley E. 'Stan' Saylor (PA - R)
- Curt Schroder (PA - R) (Out Of Office)
- Todd Stephens (PA - R)
- John J. Taylor (PA - R)
- Marcy Toepel (PA - R)
- Mike Vereb (PA - R)
- Randy Vulakovich (PA - R) (Out Of Office)