3.0.0 257 2022-02-03T06:07:16Z 2022-02-03T06:07:16Z Senate S S 2009-01-15 111 ssju00 Judiciary Committee Senate Standing Referred to 2009-01-15T18:56:25Z 2009-01-15 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2009-01-15 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. 2009-01-15 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2009-03-23 False F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2009-10-06 False Finance and Financial Sector Bankruptcy Consumer credit Interest, dividends, interest rates Finance and Financial Sector 00 2009-01-15 Introduced in Senate 2009-04-09T19:18:56Z 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.

]]> 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, to disallow certain claims resulting from high cost credit debts, and for other purposes. Introduced in Senate 2009-01-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s257is/xml/BILLS-111s257is.xml 2009-01-15 Read twice and referred to the Committee on the Judiciary. 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.