plan under which a consumer who is unable to repay 
a payday loan on the loan date due and who com-
plies with applicable requirements established under 
this section may repay the creditor the outstanding 
balance of the loan in at least 6 substantially equal 
payments, on or after a date on which the consumer 
receives regular income, without being charged any 
additional finance charges, interest fees or other 
charges of any kind. 
‘‘(6) The term ‘repayment plan requirements 
under any State law’ means any installment plan re-
quired by any State that allows the consumer to 
repay a payday loan over an extended period in sev-
eral installments instead of on the due date specified 
in the original loan agreement. 
‘‘(g) CIVIL LIABILITY; REMEDIES; APPLICABILITY.— 
‘‘(1) CIVIL MONEY PENALTY.—Notwithstanding 
the provisions of section 130(a), any person that vio-
lates this section, or seeks to enforce an agreement 
made in violation of this section, shall be subject to, 
for each such violation, a civil money penalty not to 
exceed $10,000.00. 
‘‘(2) PENALTIES
NOT
EXCLUSIVE
OF
OTHER 
PENALTIES.—The remedies and rights provided 
under this section are in addition to and do not pre-
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clude any remedy otherwise available under law to 
the person claiming relief under any other provision 
of law, other than section 130(a). 
‘‘(3) AVAILABILITY
AS
DEFENSE.—Notwith-
standing any statute of limitations or repose, a viola-
tion of this section may be raised as a matter of de-
fense by recoupment or set off to an action to collect 
any payday loan. 
‘‘(4) SCOPE OF APPLICATION.—The provisions 
of the section apply to any person or entity that 
seeks to evade its applicability by any device, subter-
fuge, or pretense whatsoever. 
‘‘(h) STATE
ATTORNEYS
GENERAL
ENFORCE-
MENT.—The appropriate State attorney general may 
bring an action to enforce this section and to obtain in-
junctive relief in any United States district court or any 
other court of competent jurisdiction, not later than 3 
years after the date of the violation.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter 2 of the Truth in Lending Act is amended 
by inserting after section 129 the follow new items: 
‘‘129A. Fiduciary duty of servicers of pooled residential mortgages. 
‘‘129B. Mandatory disclosures; extended repayment plan; and other protections 
for consumers.’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this Act shall take effect at the end of the 180-day 
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period beginning on the date of the enactment of 
this Act and shall apply to all loans initiated on or 
after such date. 
(2) REGULATIONS.—The Board of Governors of 
the Federal Reserve System may prescribe regula-
tions before the end of the 180-day period referred 
to in paragraph (1) to the extent necessary to imple-
ment the amendments made by this Act to the ex-
tent such regulations become effective as of the end 
of such period. 
Æ 
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