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S 257 111th Congress Senate Finance and Financial Sector Bankruptcy Consumer credit Interest, dividends, interest rates

Consumer Credit Fairness Act

Introduced: January 15, 2009 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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 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
 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.

What's happening now January 15, 2009

Read twice and referred to the Committee on the Judiciary.

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