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S 3259 110th Congress Senate Finance and Financial Sector Bankruptcy Claims Commerce Consumer credit Debtor and creditor Interest rates Law Liens

Consumer Credit Fairness Act

Introduced: July 14, 2008 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 2008
Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652)
Jul 14, 2008
Introduced in Senate
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 Plain-English summary Congressional Research Service

Consumer Credit Fairness Act - Amends federal bankruptcy law governing equitable subordination of claims in a bankruptcy case to: (1) subordinate a claim arising from a high cost consumer credit transaction to all other claims; and (2) require transfer to the estate in bankruptcy of any lien securing a subordinated claim.

Defines "high cost consumer credit transaction" as an extension of credit by a creditor resulting in a consumer debt with an applicable annual percentage rate (APR), including related costs and fees, that exceeds the lesser of: (1) the sum of 15% and the yield on U.S. Treasury securities having a 30-year period of maturity; or (2) 36%.

Excludes a debtor's petition for relief resulting from a high cost consumer credit transaction from mandatory consideration for dismissal, or conversion to a case under chapter 11 or 13, based upon a finding of substantial abuse.

What's happening now July 14, 2008

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652)

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Jul 14, 2008
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3259: Consumer Credit Fairness Act. 110th Congress. Open America. https://openamerica.io/bill/110-S-3259/
MLA
"S. 3259: Consumer Credit Fairness Act." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-3259/.
Bluebook (legal)
S. 3259, 110th Cong. (2026), https://openamerica.io/bill/110-S-3259/.
Markdown link
[S. 3259: Consumer Credit Fairness Act](https://openamerica.io/bill/110-S-3259/)
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