Consumer Credit Fairness Act

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 January 2009

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 January 2009

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• Introduced in Senate

  summary · EN · 15 January 2009

  Open at official source

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