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HR 3331 108th Congress House Finance and Financial Sector Administrative procedure Administrative remedies Affiliated corporations Business ethics Business records Civil actions and liability Class actions (Civil procedure) Collection of accounts Commerce Conflict of interests Congress Congressional reporting requirements Consumer credit Consumer education Consumer protection Contracts Counseling Damages Debtor and creditor

Debt Counseling, Debt Consolidation, and Debt Settlement Practices Improvement Act of 2003

Introduced: October 17, 2003 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 4, 2003
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Oct 17, 2003
Referred to the House Committee on Financial Services.
Oct 17, 2003
Introduced in House
 Plain-English summary Congressional Research Service

Debt Counseling, Debt Consolidation, and Debt Settlement Practices Improvement Act of 2003 - Prohibits an organization that engages in debt counseling, debt consolidation, or debt settlement from engaging in specified unfair and deceptive practices including: (1) unreasonable disclosure of information to third parties regarding amounts owed by any consumer; (2) undisclosed relationship between a debt counseling organization and a debt consolidation or debt settlement organization; (3) diversion of periodic payments from creditor to debt settlement organization; and (4) payment in advance of full performance of service.

Requires a written, dated contract signed by the consumer as a prerequisite to services provided by any organization offering debt counseling, debt consolidation, or debt settlement.

Prescribes contract terms. Establishes the consumer right to cancel such contract.

Declares void and unenforceable any waiver by the consumer of the protections of this Act.

Requires registration with the Secretary of the Treasury of any debt counseling, debt consolidation, or debt settlement organization.

Establishes civil liability for non-compliance with this Act.

Grants the Federal Trade Commission and the States enforcement powers to implement this Act.

Prohibits any requirement or prohibition from being imposed under the laws of any State with respect to any subject matter regulated under this Act.

What's happening now November 4, 2003

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Independent 1