Top Legislation - View All
Also tagged in: Business, Capital investments, Excise tax, Finance, Income tax, Individual retirement accounts, Partnerships, Pensions, Small business, Stocks, Tax exclusion, Tax penalties, Taxation
Latest Action: 01/04/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to allow loans from individual retirement plans for qualified small business capital assets. 1/4/2007--Introduced. Amends the Internal Revenue Code to exempt from the penalty tax for prohibited transactions loans from an individual retirement plan to acquire certain small business capital assets. Requires such loans to be repaid within five years.
Also tagged in: Accounting, Administrative procedure, Airline passenger traffic, Alaska, Animals, Auditing, Authorization, Biological warfare, Bonds, Border patrols, Budgets, Business, Buy American, Canada, Capital investments, Chemical warfare, Collective bargaining, Congress, Congressional reporting requirements, Consultants, Corporate finance, Corporation directors, Cost accounting, Criminal justice, Customs administration, Department of Transportation, Disabled, District of Columbia, Dogs, Early retirement, Emergency communication systems, Emergency management, Employee training, Environmental protection, Evacuation of civilians, Executive departments, Explosives, Families, Federal advisory bodies, Federal aid to transportation, Finance, Freight, Government corporations, Government information, Government paperwork, Governmental investigations, Hazardous substances, Highspeed ground transportation, Income tax, Infrastructure, Inspectors general, Interest, Intermodal transportation, Interstate compacts, Job training, Labor, Law, Leases, Legislation, Liability (Law), Magnetic levitation vehicles, Maintenance and repair, Maryland, National Railroad Passenger Corporation (Amtrak), New York City, Nuclear terrorism, Pensions, Performance measurement, Planning-programming-budgeting, Police, Politics and government, Public contracts, Public-private partnerships, Railroad accidents, Railroad commuting traffic, Railroad employees, Railroad engineering, Railroad equipment, Railroad finance, Railroad freight operations, Railroad passenger traffic, Railroad retirement plans, Railroad safety, Railroad terminals, Rating of employees, Research and development, Right-of-way, Rural affairs, Salaries, Science policy, Security measures, Severance pay, State and local government, Stock repurchasing, Subsidies, Taxation, Telecommunication, Telephone, Terrorism, Trade, Transportation, Transportation and the disabled, Transportation of hazardous substances, Transportation planning, Transportation research, Tunnels, Victims, Whistle blowing
Latest Action: 09/26/2008 - S.AMDT.3477 The committee substitute as amended agreed to by Unanimous Consent. Bill TextA bill to reauthorize Amtrak, and for other purposes. 10/30/2007--Passed Senate amended. (There are 2 other summaries) Passenger Rail Investment and Improvement Act of 2007 - Title I: Authorizations - (Sec. 101) Authorizes appropriations for FY2007-FY2012 for: (1) Amtrak capital and operating grants, including capital grants to states; (2) the Federal Railroad Administration (FRA); (3) Amtrak repayment of long-term debt and capital leases; (4) payment into the Railroad Retirement Account that portion of Amtrak's Railroad Retirement Tier II Tax which exceeds the Tier II annuities paid to Amtrak retirees; and (5) the rail cooperative research program. Authorizes appropriations for FY2008 for: (1) grants to Amtrak and states participating in the Next Generation Corridor Train Equipment Pool Committee; and (2) Amtrak to evaluate improvements necessary to make all existing intercity rail stations readily accessible to and usable by individuals with [...] show full description
Also tagged in: Americans in foreign countries, Business, Congress, Congressional investigations, Congressional reporting requirements, Corruption in politics, Criminal justice, DNA, Drug abuse, Drug law enforcement, Drug traffic, Economic development, Economic policy, Education, Finance, Foreign aid, Foreign policy, Forensic medicine, Government ethics, Higher education, Judges, Latin America, Law, Law enforcement officers, Legal education, Medical care, Medicine, Mexico, Missing persons, Performance measurement, Police training, Politics and government, Poverty, Public corruption, Public prosecutors, Small business, Smuggling, Technology, Technology transfer, Trade, Violence, Welfare
Latest Action: 01/17/2007 - Referred to the House Committee on Foreign Affairs. Bill TextTo amend the Foreign Assistance Act of 1961 to authorize assistance to improve security and promote economic development in Mexico. 1/17/2007--Introduced. Prosperous and Secure Neighbor Alliance Act of 2007 - States that it is U.S. policy to increase U.S. foreign assistance to improve security and promote economic development in Mexico, both of which are crucial to combat illicit drugs and drug-related violence and other criminal activities in Mexico and the United States. Amends the Foreign Assistance Act of 1961 to direct the President to provide assistance to improve security and promote economic development in Mexico by: (1) professionalizing Mexican law enforcement personnel; (2) providing technology to assist Mexican law enforcement personnel; (3) strengthening the Mexican judicial branch; (4) supporting anti-corruption programs in Mexico; and (5) reducing poverty through targeted funding to enhance social development in Mexico.
Latest Action: 01/18/2007 - Referred to the House Committee on Small Business. Bill TextTo establish a pilot program to eliminate certain restrictions on eligible certified development companies. 1/18/2007--Introduced. Small Business Freedom to Lend Act of 2007 - Directs the Administrator of the Small Business Administration (SBA) to establish a three-year pilot program to permit an eligible certified development company (CDC) to make loans (for small business development) in any state that is contiguous to its the state of incorporation. Makes eligible CDCs that are designated as either an accredited or premier certified lender under the Small Business Investment Act of 1958. Removes the requirement that such a CDC maintain, in each state in which it makes or intends to make loans, separate and distinct memberships, officers, boards of directors, and loan committees. Amends the Small Business Investment Act of 1958 to allow an officer, director, or manager of one qualified state or local development company to serve as an officer, director, or manager [...] show full description
Also tagged in: Admission of nonimmigrants, Aliens, Armed forces, Business, Caribbean area, Children, Congress, Congressional oversight, Congressional reporting requirements, Contracts, Corporation directors, Corporations, Cuba, Defense policy, Dictators, Energy, Energy development, Energy transportation, Environmental protection, Executives, Export controls, Export finance, Families, Finance, Financial institutions, Florida, Foreign investments, Foreign policy, Gas in submerged lands, Gas industry, Government procurement, Government securities, Immigration, International affairs, International finance, Investments, Investors, Latin America, Marine ecology, Marine resources, Married people, National security, Natural gas, Natural resources, Oil and gas leases, Oil and gas royalties, Oil well drilling, Petroleum, Petroleum engineering, Petroleum in submerged lands, Petroleum industry, Pipelines, Prospecting, Public contracts, Sanctions (International law), Stockholders, Submarine oil well drilling, Subsidiary corporations, Technology, Technology transfer, Trade, Transportation, Visas
Latest Action: 03/14/2007 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Bill TextA bill to exclude from admission to the United States aliens who have made investments contributing to the enhancement of the ability of Cuba to develop its petroleum resources, and for other purposes. 3/14/2007--Introduced. States that it shall be U.S. policy to: (1) undertake measures to deny the Cuban regime the financial resources to engage in activities that threaten U.S. national security and other interests, threaten the environment and natural resources of northern Cuba and Florida, and prolong the dictatorship that oppresses the Cuban people; and (2) deter foreign investments that would enhance the Cuban regime's ability to develop its petroleum resources. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to exclude from U.S. entry an alien who: (1) is an officer or principal of an entity, or a shareholder who owns a controlling interest in an entity that makes an investment (as defined by this Act) of $1 million or more (or any combination [...] show full description
Also tagged in: Block grants, Budgets, Business, Business education, Capital gains tax, Community development, Economic policy, Education, Entrepreneurs, Finance, Government lending, Grants-in-aid, Higher education, Home ownership, Housing, Housing finance, Income tax, Infrastructure, Job training, Labor, Losses, Marketing, Rural affairs, Rural economic development, Rural education, Scholarships, Small business, State and local government, Student loan funds, Tax credits, Tax deductions, Tax exclusion, Taxation, Wages
Latest Action: 03/29/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to create investment opportunities for rural families and access to credit for rural entrepreneurs and microenterprises, to support rural regional investment, and for other purposes. 3/29/2007--Introduced. Rural Investment to Strengthen our Economy Act of 2007 or Rural RISE Act - Amends the Internal Revenue Code to: (1) allow a capital loss deduction with respect to the sale or exchange of a principal residence in certain rural areas; and (2) expand the work opportunity tax credit to include a qualified small business employee as a targeted group member. Authorizes the Secretary of Education to carry out a program for the forgiveness of student loans for certain rural students who obtain a degree. Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a: (1) rural entrepreneurship and microenterprise program; and (2) rural regional entrepreneurship program. Requires the Secretary of Labor to award [...] show full description
Latest Action: 02/27/2007 - Referred to the House Committee on House Administration. Bill TextTo amend the Federal Election Campaign Act of 1971 to prohibit an authorized committee of a winning candidate for election for Federal office which received a personal loan from the candidate from making any repayment on the loan after the date on which the candidate begins serving in such office. 2/27/2007--Introduced. Personal Accountability in Campaign Committees Act - Amends the Federal Election Campaign Act of 1971 to prohibit an authorized committee of a winning candidate for an election for federal office occurring after December 2007, which received a personal loan from the candidate, from making any repayment with respect to such loan on or after the date on which the candidate begins serving in the office.
Also tagged in: Bank accounts, Business, Collection of accounts, Commercial arbitration, Congress, Congressional reporting requirements, Debtor and creditor, Earned income tax credit, Electronic benefits transfers, Electronic data interchange, Finance, Garnishment, Government information, Government publicity, Income tax, Law, Tax refunds, Tax returns, Taxation, Technology, Telecommunication, Welfare
Latest Action: 04/17/2007 - Sponsor introductory remarks on measure. (CR S4612-4613) Bill TextA bill to provide additional protections for recipients of the earned income tax credit. 4/17/2007--Introduced. Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.Terminates the Department of the Treasury Debt Indicator Program. Excludes tax returns that have been filed subject to a refund anticipation loan from any determination of whether goals for electronic filing of tax returns have been met.Allows earned income tax credit benefits to be paid through electronic transfer accounts. Directs the Secretary of the Treasury to: (1) develop [...] show full description
Also tagged in: Budgets, Department of the Treasury, Employment tests, Evidence (Law), Executive departments, Executive reorganization, Finance, Government information, Government publicity, Grants-in-aid, Income tax, Internal Revenue Service (IRS), Labor, Law, Licenses, Poverty, Professional ethics, Public contracts, Tax administration, Tax preparers, Tax refunds, Taxation, Taxpayers, Welfare
Latest Action: 04/25/2007 - Sponsor introductory remarks on measure. (CR S5101-5102) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide taxpayer protection and assistance, and for other purposes. 4/25/2007--Introduced. Taxpayer Protection and Assistance Act of 2007 - Amends the Internal Revenue Code to authorize the Secretary of the Treasury to: (1) make grants for tax return preparation clinics for low-income taxpayers; (2) allow enrolled agents licensed to practice before the Internal Revenue Service (IRS) to use designation of "EA" or "E.A."; (3) regulate and test paid income tax preparers; (4) contract for the development or administration of examinations for paid income tax preparers; (5) require the registration of refund anticipation loan facilitators; and (6) award demonstration project grants to assist low-income taxpayers without bank accounts to obtain such accounts with federally-insured depository institutions.Establishes in the IRS the Office of Professional Responsibility to administer the regulation of paid [...] show full description
Also tagged in: Administrative procedure, Alabama, Budgets, Business, Charities, Children, Congress, Congressional investigations, Congressional reporting requirements, Day care, Emergency management, Executive departments, Finance, Floods, Government information, Government lending, Government paperwork, Hurricanes, Law, Louisiana, Minorities, Minority business enterprises, Mississippi, Nonprofit organizations, Poor children, Small business, Small Business Administration, Small business investment companies, Social services, Surety and fidelity, Tax-exempt organizations, Taxation, Texas, Welfare, Women, Women in business
Latest Action: 03/08/2007 - Referred to the House Committee on Small Business. Bill TextTo establish a temporary program under which emergency loans are made to small businesses that are nonprofit child care businesses. 3/8/2007--Introduced. Emergency Child Care Lending for the Gulf Coast Act of 2007 - Authorizes the proceeds of a loan for plant acquisition, construction, conversion, or expansion under the Small Business Investment Act of 1958 to be used by the certified development company to provide loans to small, nonprofit child care businesses that have a track record of providing such services in the presidentially declared disaster areas in the Gulf Coast region. Limits to 3% the amount of the total number of such loans guaranteed in FY2008-FY2009 that may be awarded for the program under this Act. Terminates such program after December 30, 2008.
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Latest Legislation - View All
Also tagged in: Arkansas, Bonds, Books, Business, Charitable contributions, College costs, Depreciation and amortization, Disaster relief, Displaced persons, Education, Elementary and secondary education, Emergency management, Employment, Environmental protection, Finance, Floods, Food, Government information, Government paperwork, Grants-in-aid, Higher education, Housing, Housing finance, Humanities, Illinois, Income tax, Indiana, Individual retirement accounts, Inventories, Iowa, Kansas, Labor, Losses, Low-income housing, Michigan, Minnesota, Missouri, Mortgages, Nebraska, Pensions, Residential rehabilitation, Social services, Solid wastes, Storms, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax returns, Taxation, Textbooks, Tornadoes, Transportation, Travel costs, Volunteer workers, Wisconsin
Latest Action: 07/30/2008 - S.AMDT.5254 Referred to the Committee on Finance. To make a technical correction. Bill TextA bill to provide tax relief for the victims of severe storms, tornados, and flooding in the Midwest, and for other purposes. 7/23/2008--Introduced. Midwestern Disaster Tax Relief Act of 2008 - Amends the Internal Revenue Code to provide tax benefits to individuals affected by presidentially-declared natural disasters (i.e., severe storms, tornadoes, or flooding) in the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin on or after May 20, 2008, and before August 1, 2008 (Midwestern disaster area).Makes specified provisions of the Internal Revenue Code, which currently apply only to residents of the Gulf Opportunity Zone and the Hurricane Katrina disaster area, applicable to the Midwestern disaster area, including: (1) tax-exempt bond financing, the low-income housing tax credit, accelerated depreciation and increased expensing of business assets, an increase in the rehabilitation tax credit, extended carryback [...] show full description
Also tagged in: Budgets, Business, Collection of accounts, Communications, Congress, Congressional reporting requirements, Corporation taxes, Criminal justice, Debit cards, Department of the Treasury, Earned income tax credit, Electronic funds transfers, Executive departments, Finance, Fraud, Government contractors, Government information, Government procurement, Government publicity, Government service contracts, Governmental investigations, Grants-in-aid, Home care services, Identity theft, Income tax, Internet, Labor, Law, Names, Partnerships, Public contracts, Searches and seizures, Signs and symbols, Social services, Tax auditing, Tax deductions, Tax exemption, Tax liens, Tax penalties, Tax preparers, Tax refunds, Tax returns, Taxation, Taxpayers, Technology, Telecommunication, Volunteer workers, Welfare, Wireless communication, Withholding tax
Latest Action: 04/16/2008 - Received in the Senate and Read twice and referred to the Committee on Finance. Bill TextTo amend the Internal Revenue Code of 1986 to conform return preparer penalty standards, delay implementation of withholding taxes on government contractors, enhance taxpayer protections, assist low-income taxpayers, and for other purposes. 4/15/2008--Passed House amended. (There are 2 other summaries) Taxpayer Assistance and Simplification Act of 2008 - (Sec. 2) Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on [...] show full description
Latest Action: 03/14/2008 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to permit hardship loans from certain individual retirement plans. 3/14/2008--Introduced. IRA Assistance Act of 2008 - Amends the Internal Revenue Code to allow premature distributions from individual retirement accounts (other than Roth IRAs) without penalty to make hardship loans.
Also tagged in: Accounting, Bonds, California, Capital gains tax, Charitable contributions, Children, Debt, Disaster relief, Displaced persons, Earnings, Emergency management, Families, Finance, Forest fires, Home ownership, Housing, Income tax, Individual retirement accounts, Losses, Mortgages, Pensions, Tax credits, Tax exclusion, Tax exemption, Tax penalties, Tax-deferred compensation plans, Taxation
Latest Action: 10/29/2007 - Referred to the House Committee on Ways and Means. Bill TextTo provide emergency tax relief for persons affected by California wildfires in October of 2007. 10/29/2007--Introduced. California Wildfire Tax Relief Act of 2007 - Provides special tax treatment for taxpayers in areas affected by the California wildfires of October 2007 relating to: (1) nonrecognition of gain from the involuntary conversion of property; (2) limitations on charitable contributions for relief efforts; (3) the exclusion from gross income for discharges of indebtedness; (4) mortgage revenue bonds; (5) limitations on personal casualty losses; (6) additional tax exemptions for providing housing for displaced individuals; (7) earned income calculations; (8) dependency status for purposes of tax exemptions or the child tax credit; (9) premature withdrawals from retirement plans; (10) income averaging; (11) recontributions to tax-deferred home purchase plans; and (12) loans from tax-qualified employer plans.
Latest Action: 08/03/2007 - Sponsor introductory remarks on measure. (CR S10905) Bill TextA bill to amend part D of title III of the Public Health Service Act to authorize grants and loan guarantees for health centers to enable the centers to fund capital needs projects, and for other purposes. 8/3/2007--Introduced. Build, Update, Improve, Lift, and Design Health Centers Act of 2007 or the BUILD Act – Amends the Public Health Service Act to require the Secretary of Health and Human Services to award grants to health centers to: (1) modernize, expand, and replace existing facilities; and (2) construct new facilities at such centers. Requires the Secretary to establish a loan guarantee program for loans to health centers for capital need projects, including: (1) acquiring, leasing, modernizing, expanding, or replacing existing facilities; (2) constructing new facilities; (3) purchasing or leasing equipment; and (4) the costs of refinancing loans made for any such projects.
Also tagged in: Bonds, Business, Capital gains tax, Depreciation and amortization, Disaster relief, Emergency management, Employment, Energy, Finance, Floods, Housing, Income, Income tax, Individual retirement accounts, Kansas, Labor, Landlord and tenant, Losses, Low-income housing, Pensions, Public utilities, Rental housing, Small business, Storms, Tax administration, Tax credits, Tax deductions, Tax penalties, Taxation, Welfare
Latest Action: 09/05/2007 - Sponsor introductory remarks on measure. (CR H10099-10100) Bill TextTo extend tax relief to the residents and businesses of an area with respect to which a major disaster has been declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1711-DR) by reason of severe storms and flooding beginning on June 26, 2007, and determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act. 8/3/2007--Introduced. Kansas Flood Recovery and Economic Opportunity Act of 2007 - Establishes the federal share of assistance for the state of Kansas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act for the storms and flooding in that state between June 26, 2007, and July 25, 2007, at 100% of eligible costs. Extends to certain areas in Kansas declared by the President as major disaster areas under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (FEMA-1711-DR, as in effect on the date of [...] show full description
Also tagged in: Actions and defenses, Armed forces, Armed forces abroad, Business, Contracts, Criminal justice, Damages, Debtor and creditor, Defense policy, Families, Finance, Fines (Penalties), Government information, Government paperwork, Injunctions, Interest, Interest rates, Iraq compilation, Law, Legal fees, Military dependents, Military personnel, Negligence, Parties to actions, Relocation, Veterans, Veterans' benefits
Latest Action: 06/26/2008 - Subcommittee Consideration and Mark-up Session Held. Bill TextTo amend the Servicemembers Civil Relief Act to allow individuals called to military service to terminate or suspend certain service contracts entered into before the individual receives notice of a permanent change of station or deployment orders and to provide penalties for violations of interest rate limitations. 8/1/2007--Introduced. 21st Century Servicemembers Protection Act - Amends the Servicemembers Civil Relief Act to allow individuals called to military service to terminate or suspend a service contract, after the date of entry into service or the date of the military orders, if: (1) the service contract (such as phone, cable, Internet, or utilities) is executed before the individual is called to service for a period of at least 90 days; or (2) the person enters into the contract while in military service and thereafter receives orders for a change of permanent station to a location outside the United States, or to deploy with a military unit for a period of at least [...] show full description
Also tagged in: Actions and defenses, Business, Business education, Congressional reporting requirements, Counseling, Entrepreneurs, Executive departments, Export finance, Exports, Federal employees, Foreign trade promotion, Government employees, Governmental investigations, Intellectual property, Law, Metropolitan areas, Nongovernmental organizations, Patent infringement, Patents, Recruiting of employees, Small business, Small Business Administration, Social services, Trade, Trade adjustment assistance, Trade negotiations, Urban affairs
Latest Action: 09/05/2007 - Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. Bill TextTo amend the Small Business Act to improve trade programs, and for other purposes. 9/4/2007--Passed House amended. (There are 2 other summaries) (This measure has not been amended since it was reported to the House on September 4, 2007. The summary of that version is repeated here.) SBA Trade Programs Act of 2007 - Title I: Small Business Trade Policy - (Sec. 101) Amends the Small Business Act to require the director of the Office of International Trade (Office) within the Small Business Administration (SBA) to: (1) present recommendations regarding small business exporters to trade negotiators; (2) develop trade policies that support small businesses in domestic and foreign markets; (3) implement trade policies through relationships developed with federal trade policymakers and transnational organizations; (4) establish programs to boost exports of entrepreneurs and encourage transnational organizations to support and publicize [...] show full description
Also tagged in: Academic performance, Authorization, Budgets, Charter schools, Curricula, Department of Education, Education, Educational accountability, Educational innovations, Educational planning, Elementary and secondary education, Elementary education, Executive departments, Federal aid to education, Finance, Nonprofit organizations, Performance measurement, School administration, School districts, Secondary education, Social services, State and local government, State laws
Latest Action: 09/11/2007 - Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education. Bill TextTo amend the Elementary and Secondary Education Act of 1965 to reauthorize the laws relating to public charter schools to improve academic achievement of all students. 6/28/2007--Introduced. Charter School Program Enhancement Act of 2007 - Amends the Elementary and Secondary Education Act of 1965 to authorize the Secretary of Education to award grants to authorized public chartering agencies, in addition to state educational agencies, for the provision of subgrants to charter school developers or nonprofit charter support organizations assisting such developers. Raises the maximum term of such grants. Extends grant priority to states that: (1) provide public charter schools with funding commensurate with that provided to other public schools; (2) focus on creating such schools in areas that have many schools designated as needing improvement; and (3) demonstrate that a high percentage of its charter school students are meeting, exceeding, or making sufficient progress [...] show full description
Latest Action: 06/26/2007 - Sponsor introductory remarks on measure. (CR E1415) Bill TextTo amend the Truth in Lending Act and the Federal Deposit Insurance Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, depository institutions and to prohibit insured depository institutions from making payday loans, and for other purposes. 6/26/2007--Introduced. Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan. Declares payday loan instruments or transactions void from inception.
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