Credit Cost Reduction Act of 2000

Summary

Credit Cost Reduction Act of 2000 - Amends the Fair Debt Collection Practices Act to exclude from the definition of "communication" subject to penalties for abusive debt collection practices any action taken pursuant to either State or Federal rules of civil procedure, or a nonjudicial foreclosure. Permits collection activities and communications during the 30-day notice period following initial debt notification to the consumer. Revises civil liability guidelines for a debt collector's noncompliance with the Act with respect to: (1) consumer's attorney's fees; (2) disallowance of certain attorney's fees accruing after a consumer's refusal of a debt collector's settlement offer if a final judgment amounts to the same as or less than such offer; (3) additional factors for consideration by the court in determining the amount of any award; and (4) a debt collector's good faith compliance with State or Federal rules of civil procedure as a shield against liability. Cites conditions under which a servicer of federally related mortgage loans secured by first liens is exempt from certain requirements relating to: (1) debt notification and validation; and (2) failure to disclose that the debt collector is attempting to collect a debt and that any information obtained will be used for that purpose. Requires such a servicer, if a debt collector is exempt from ordinary debt validation requirements, to provide a consumer, without charge, with a validation statement or a notice of the consumer's right to receive one at least 30 days before any debt acceleration.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 June 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 June 2000

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• Introduced in Senate

  summary · EN · 30 June 2000

  Open at official source

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