3.0.0 3259 2019-11-15T21:59:02Z 2019-11-15T21:59:02Z Senate S S 2008-07-14 110 ssju00 Judiciary Committee Senate Standing Referred to 2008-07-14T20:28:08Z 2008-07-14 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652) IntroReferral 2008-07-14 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-07-14 True Finance and Financial Sector Bankruptcy Claims Commerce Consumer credit Debtor and creditor Interest rates Law Liens Finance and Financial Sector 00 2008-07-14 Introduced in Senate 2008-10-02T17:09:43Z Consumer Credit Fairness Act - Amends federal bankruptcy law governing equitable subordination of claims in a bankruptcy case to: (1) subordinate a claim arising from a high cost consumer credit transaction to all other claims; and (2) require transfer to the estate in bankruptcy of any lien securing a subordinated claim.

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 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 a debtor's petition for relief resulting 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.

]]> Consumer Credit Fairness Act Short Titles as Introduced Consumer Credit Fairness Act Display Title Consumer Credit Fairness Act Official Title as Introduced A bill to amend title 11, United States Code, with respect to the priority of certain high cost credit debts. Introduced in Senate 2008-07-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3259is/xml/BILLS-110s3259is.xml 2008-07-14 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.