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S 257 111th Congress Senate

Consumer Credit Fairness Act

Official title: A bill to amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts, and for other purposes.

Introduced: March 23, 2009 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
Finance and Financial Sector BankruptcyConsumer creditInterest, dividends, interest rates
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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
Jan 15, 2009
Read twice and referred to the Committee on the Judiciary.
Jan 15, 2009
Introduced in Senate
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 Latest action January 15, 2009

Read twice and referred to the Committee on the Judiciary.

 Plain-English summary Congressional Research Service

Consumer Credit Fairness Act - Amends federal bankruptcy law to require the bankruptcy court to disallow any claim arising from a high cost consumer credit transaction.

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, at any time while the credit is outstanding, 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 the petition for relief of a debtor with any debts arising 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Independent 1
I
Sanders, Bernard
Vermont · Mar 23, 2009
 D
Durbin, Richard J.
Illinois · Jan 15, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 257: Consumer Credit Fairness Act. 111th Congress. Open America. https://openamerica.io/bill/111-S-257/
MLA
"S. 257: Consumer Credit Fairness Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-257/.
Bluebook (legal)
S. 257, 111th Cong. (2026), https://openamerica.io/bill/111-S-257/.
Markdown link
[S. 257: Consumer Credit Fairness Act](https://openamerica.io/bill/111-S-257/)
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