H.R. 991 would treat arbitration clauses which are unilaterally imposed on consumers as an unfair and deceptive trade practice and prohibit their use in consumer transactions.
Detailed Summary
Consumer Fairness Act of 2009 - Amends the Consumer Credit Protection Act to treat as an unfair and deceptive trade act or practice under federal or state law any written provision in a consumer transaction or contract which requires binding arbitration to resolve a controversy arising out of or related to the transaction or contract, or the failure to perform any part.
Declares such a provision unenforceable.
Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.
Status of the Legislation
Latest Major Action: 2/11/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
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Points Against
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