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Mandatory compliance date pending court stay: Payday, Vehicle Title, and Certain High-Cost Installment Loans

1.2.2 Effective date and compliance date of the Payday Lending Rule The Payday Lending Rule became effective on January 16, 2018. However,the Rule’s compliance date for the payment-related requirements is August 19, 2019.5 Thus, by its terms, the Rule does not require lenders to comply with the Rule’s payment-relatedrequirementsuntil August 19, 2019. See 12 CFR 1041.15. The compliance date, however, is currently stayed pursuant to a court order issued in Community Financial Services Association v. CFPB, No. 1:18-cv-00295 (W.D. Tex. Nov. 6, 2018). As a result, lenders have no obligation to comply with the Rule until the court-orderedstay is lifted. Read more on p. 5 of the Small Entity Compliance Guide here

  • August 19, 2019
  • Time: All Day
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