Skip to main content
S 3629 110th Congress Senate Finance and Financial Sector Administrative procedure Commerce Consumer credit Crime and Law Enforcement Executive reorganization Fines (Penalties) Fraud Government Operations and Politics Governmental investigations Law Restrictive trade practices Standards

Consumer Credit Safety Commission Act of 2008

Introduced: September 26, 2008 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 26, 2008
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9711-9715)
Sep 26, 2008
Sponsor introductory remarks on measure. (CR S9711)
Sep 26, 2008
Introduced in Senate
 Plain-English summary Congressional Research Service

Consumer Credit Safety Commission Act of 2008 - Establishes the Consumer Credit Safety Commission to promulgate consumer credit safety rules that: (1) ban abusive, fraudulent, unfair, deceptive, predatory, anticompetitive, or otherwise anti-consumer practices or product features for creditors; (2) place restrictions on consumer credit practices or product features to reduce the likelihood that they may be provided in a manner inconsistent with this Act; and (3) establish requirements for clear and adequate information appropriate to advance the objectives of this Act.

Directs the Commission to: (1) establish and maintain a best practices guide for providers of consumer credit; (2) conduct, or award grants or contracts for, continuing studies and investigations of consumer credit industry practices; (3) help consumer credit providers to develop consumer credit safety standards or guidelines; and (4) establish and operate a consumer credit customer hotline to register complaints and receive information on how to combat anti-consumer credit.

Directs the Commission to establish a program to promote federal-state cooperation to implement this Act.

Sets forth civil and criminal penalties for acts prohibited by this Act.

What's happening now September 26, 2008

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9711-9715)

 Committees of jurisdiction 1