HR 6423
114th Congress
House
Finance and Financial Sector
Alternative dispute resolution, mediation, arbitration
Bank accounts, deposits, capital
Consumer credit
Fraud offenses and financial crimes
Justice for Victims of Fraud Act of 2016
Introduced: December 1, 2016
Introduced by:
Sherman, Brad
Democratic
· California
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 1, 2016
Referred to the House Committee on Financial Services.
Dec 1, 2016
Introduced in House
Plain-English summary
Justice for Victims of Fraud Act of 2016
This bill amends the Truth in Lending Act and the Electronic Fund Transfer Act to prohibit predispute arbitration agreements with consumers (i.e., agreements to arbitrate any future disputes between parties instead of pursuing the claims in court) from being valid or enforceable in disputes related to credit card accounts or personal bank accounts that are not subject to a final judgment by a court if the credit card or bank account was not issued in response to a request or application for that account.
The bill excludes from this prohibition accounts held by a financial institution pursuant to a bona fide trust agreement.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1