S. 3259 would amend title 11, United States Code, with respect to the priority of certain high cost credit debts.

== Detailed Summary ==

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(LogConsumer 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 edit the wikiestate in bankruptcy of any lien securing a subordinated claim.

Defines &quot;high cost consumer credit transaction&quot; as an extension of credit by a creditor resulting in a consumer debt with an applicable annual percentage rate (APR), including related costs and befees, that exceeds the firstlesser 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 provide a detailed summarycase under chapter 11 or 13, based upon a finding of the bill!)substantial abuse.
</summary>

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== Status of the Legislation ==

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(Log inLatest Major Action: 7/14/2008: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status ofCommittee on the bill!)Judiciary.
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== Points in Favor ==

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== Points Against ==

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