WashingtonWatch.com - S. 257, The Consumer Credit Fairness Act

Status as of June 11, 2009

Thu, 11 Jun 2009 00:00:00 EDT

6/11/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Revision by webmaster (June 9, 2009, 01:00:00)

Tue, 09 Jun 2009 00:00:00 EDT

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 6/11/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Points in Favor

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Points Against

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Comment by mltd03 (May 22, 2009, 01:00:00)

Fri, 22 May 2009 00:00:00 EDT

It amazes me that this proposal has gone as far as it has. This is absolutely ridiculous! In this economic/unemployment crisis, more and more Americans have been pushed into the lower credit score ranges. There is inherently more risk for lenders the lower the credit score. As with any business, you price for your cost of funds/merchandise and risk. If companies are within the legal usary limits, then their contracts should not be voided with no recourse to recoup the funds they lent. Everyone wants something for nothing -- let someone else pay the bill!!!! If passed and a person has any brains at all, they will go buy a $50,000 car, put as little down as possible, ASK FOR A HIGH INTEREST RATE, wait 3 - 6 months and then file BKO. WOO HOO - free $50,000 car! Way to stimulate the economy! Lenders will go out of business or refuse to lend to people with spotty credit -- watch out what you ask for!...

Status as of May 21, 2009

Thu, 21 May 2009 00:00:00 EDT

5/21/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Revision by webmaster (May 19, 2009, 01:00:00)

Tue, 19 May 2009 00:00:00 EDT

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 5/21/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Points in Favor

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Points Against

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Comment by Joe H. (May 7, 2009, 01:00:00)

Thu, 07 May 2009 00:00:00 EDT

So let me get this straight. If you have a car loan at 18% APR, then file Bankruptcy and be rewarded with a free car? Ridiculous!!!!...

Revision by webmaster (May 6, 2009, 01:00:00)

Wed, 06 May 2009 00:00:00 EDT

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 4/30/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Points in Favor

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Points Against

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Comment by Pamela (May 1, 2009, 01:00:00)

Fri, 01 May 2009 00:00:00 EDT

This bill is BAD. Wise up and educate yourself: http://www.savemypawnshop.com/pawnshops/store_links...

Status as of April 30, 2009

Thu, 30 Apr 2009 00:00:00 EDT

4/30/2009: Senate committee/subcommittee actions. Status: Committee on the Judiciary. Date of scheduled consideration. SD-226. 10:00 a.m.

Revision by webmaster (April 9, 2009, 01:00:00)

Thu, 09 Apr 2009 00:00:00 EDT

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 1/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary.

Points in Favor

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Points Against

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Comment by Penny Baer (April 2, 2009, 01:00:00)

Thu, 02 Apr 2009 00:00:00 EDT

This country needs to pass bills to help undo the Republican Bankruptcy Reforms of the past. The Credit Strapped middle class are getting sucked dry in the Bankruptcy proceedings now. Let's hope that the Consumer Credit Fairness Act gets a fast track through congress to become law!...

Comment by w b (March 31, 2009, 01:00:00)

Tue, 31 Mar 2009 00:00:00 EDT

it's about time some help comes along for the hard working american and not the greedy credit card companies. this is long overdue. 100% supportive....

Revision by webmaster (January 16, 2009, 01:00:00)

Fri, 16 Jan 2009 00:00:00 EST

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

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Status of the Legislation

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Points in Favor

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Points Against

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Revision by webmaster (January 16, 2009, 01:00:00)

Fri, 16 Jan 2009 00:00:00 EST

S. 257 would amend title 11, United States Code, to disallow certain claims resulting from high cost credit debts.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

Latest Major Action: 1/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary.

Points in Favor

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Points Against

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Status as of January 15, 2009

Thu, 15 Jan 2009 00:00:00 EST

1/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary.