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United States · Bill · S

S. 641 (106th)

Consumer Credit Act of 1999

referredUnited States· United States Congress· EN

Introduced

17 March 1999

Last action

17 March 1999 · Introduced

Status

Read twice and referred to the Committee on Banking.

Sponsors

Sen. Sarbanes, Paul S. [D-MD], Sen. Durbin, Richard J. [D-IL], Sen. Dodd, Christopher J. [D-CT], Sen. Feingold, Russell D. [D-WI]

Subjects

Discovery layer

Source updated

20 August 2025

Official sourceDownload fileView documentsShare

Summary

Consumer Credit Act of 1999 - Amends the Truth in Lending Act to mandate that: (1) monthly billing statements for an open end consumer credit plan include specified repayment information, including the number of months it would take to pay the balance and the total cost if the consumer pays only the required minimum payment; (2) certain written disclosures be furnished to the consumer at the time of purchase if the creditor of an open end consumer credit plan obtains a security interest in personal property purchased under such plan; and (3) the Board of Governors of the Federal Reserve System (the Board) publish the pertinent model disclosure forms. Requires: (1) creditors making advances under an open end credit plan to annually report certain loan data to the Board; and (2) the Board to compile such data and submit it to certain congressional committees annually. Amends Federal bankruptcy law to permit the discharge in bankruptcy of an individual debt if the creditor has not made the requisite disclosures under this Act. Sanctions the reaffirmation of a dischargeable debt if the reaffirmation agreement contains such disclosures.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 17 March 1999

    Introduced

    Read twice and referred to the Committee on Banking.

    Source: IntroReferral

  2. 17 March 1999

    Introduced

    Sponsor introductory remarks on measure. (CR S2844-2845)

    Source: IntroReferral

  3. 17 March 1999

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 17 March 1999

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 17 March 1999

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 17 March 1999

    Open at official source

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Sponsors

Related records

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Sources

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