Consumer Credit
US Congress 111th Congress
Taxpayer Abuse Prevention Act [S.585]
Taxpayer Abuse Prevention Act - Amends the Internal Revenue Code to provide that advance payments of the earned income tax credit are not transferable or assignable or subject to the claims of any creditors, except outstanding claims of the federal government.Prohibits: (1) the collection of a debt from a debtor's federal tax refund by means of a refund anticipation loan; and (2) mandatory arbitration as a condition of providing a refund anticipation loan.Terminates the Department of the Treasury Debt Indicator Program. Allows earned income tax
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Sponsored by: Sen. Jeff Merkley
Sponsor Introductory Remarks On Measure. (cr S3078) on 03/12/2009
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Interest Rate Reduction Act [S.582]
Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten
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Sponsored by: Sen. Bernard Sanders
Sponsor Introductory Remarks On Measure. (cr S3076-3077) on 03/12/2009
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Financial Product Safety Commission Act of 2009 [S.566]
Financial Product Safety Commission Act of 2009 - Establishes the Financial Product Safety Commission to: (1) promulgate consumer financial product safety rules; (2) establish a best practices guide for all providers of consumer financial products; (3) conduct continuing studies and investigations of consumer financial products industry practices; (4) award grants or enter into contracts for the conduct of such studies and investigations; (5) assist public and private organizations or groups of consumer financial product providers, administratively
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Sponsored by: Sen. Bernard Sanders
Sponsor Introductory Remarks On Measure. (cr S2974-2975) on 03/10/2009
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Pharmaceutical Market Access and Drug Safety Act of 2009 [S.525]
Pharmaceutical Market Access and Drug Safety Act of 2009 - Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) to revise provisions governing the importation of prescription drugs. Waives the limitation on importation of prescription drugs that have been exported from the United States. Prohibits the importation of a qualifying drug unless such drug is imported by: (1) a registered importer; or (2) an individual for personal use. Establishes registration conditions for importers and exporters. Requires the Secretary of Health and Human Services
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Sponsored by: Sen. Robert Casey
Sponsor Introductory Remarks On Measure. (cr S2780-2781) on 03/05/2009
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Protecting Consumers from Unreasonable Credit Rates Act of 2009 [S.500]
Protecting Consumers from Unreasonable Credit Rates Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%. Sets forth criminal penalties for violation of this Act. Empowers state Attorneys General to enforce this Act. Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro
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Sponsored by: Sen. Sheldon Whitehouse
Sponsor Introductory Remarks On Measure. (cr S2570-2571, S2572-2573) on 02/26/2009
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Credit Card Accountability Responsibility and Disclosure Act of 2009 [S.414]
Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit CARD Act of 2009 - (Sec. 3) States that this Act shall become effective nine months after its date of enactment. Title I: Consumer Protection - Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan. Requires such advance notice to include a statement of the obligor's right to cancel the account before the effective date of
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Sponsored by: Sen. Robert Casey
By Senator Dodd From Committee On Banking, Housing, And Urban Affairs Filed Written Report. Report No. 111-16. on 05/04/2009
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Universal Default Prohibition Act of 2009 [S.399]
Universal Default Prohibition Act of 2009 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest (APR) for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory APR for that account, for reasons other than actions or omissions of the consumer directly related to
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Sponsored by: Sen. Jon Tester
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 02/09/2009
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Credit Card Reform Act of 2009 [S.392]
Credit Card Reform Act of 2009 - Amends the Fair Credit Reporting Act to permit a consumer reporting agency to furnish a consumer report in connection with any credit or insurance transaction that is not initiated by the consumer only if the report indicates that the consumer is age 21 or older. Allows 18-year olds to elect to have their name and address included in any agency list. Amends the Truth in Lending Act to prohibit a credit card issuer from changing the terms of a credit card under an open end consumer credit plan: (1) before the scheduled
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Sponsored by: Sen. Robert Menendez
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 02/06/2009
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Data Security and Breach Notification Act of 2010 [S.3742]
Data Security and Breach Notification Act of 2010 - Requires the Federal Trade Commission (FTC) to promulgate regulations requiring each covered entity (proprietorships, partnerships, estates, trusts, cooperatives, and nonprofit and for-profit corporations) engaged in interstate commerce owning or possessing data containing personal information to establish specified security policies and procedures to treat and protect such information. Requires the regulations to include methods for disposing of both electronic and nonelectronic data. Requires
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Sponsored by: Sen. John Rockefeller
Committee On Commerce, Science, And Transportation Subcommittee On Consumer Protection, Product Safety, And Insurance . Hearings Held. With Printed Hearing: S.hrg. 111-1040. on 09/22/2010
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Financial Services and General Government Appropriations Act, 2011 [S.3677]
Financial Services and General Government Appropriations Act, 2011 - Title I: Department of the Treasury - Department of the Treasury Appropriations Act, 2011 - Makes appropriations for FY2011 for the Department of the Treasury for: (1) departmental offices; (2) department-wide systems and capital investments programs; (3) the Office of Inspector General; (4) the Treasury Inspector General for Tax Administration; (5) the Office of the Special Inspector General for the Troubled Asset Relief Program (TARP); (6) the Financial Crimes Enforcement Network;
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Sponsored by: Sen. Richard Durbin
Committee On Appropriations. Original Measure Reported To Senate By Senator Durbin. With Written Report No. 111-238. on 07/29/2010
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Home Star Energy Retrofit Act of 2010 [S.3434]
Home Star Energy Retrofit Act of 2010 - Requires the Secretary of Energy to establish: (1) the Home Star Retrofit Rebate Program to provide rebates to contractors to be passed through as discounts to homeowners who retrofit their homes to achieve energy savings; (2) a Federal Rebate Processing System to enable rebate aggregators to submit claims for reimbursement; and (3) a national retrofit website and public information campaign that provide information on the Program. Requires the Secretary to ensure that rebates are available to homeowners within
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Sponsored by: Sen. Dianne Feinstein
Sponsor Introductory Remarks On Measure. (cr S4531) on 05/27/2010
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Medical Debt Relief Act of 2010 [S.3419]
Medical Debt Relief Act of 2010 - Amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any report containing information related to a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report by more than 45 days.
Sponsored by: Sen. Dianne Feinstein
Sponsor Introductory Remarks On Measure. (cr S4220-4221) on 05/25/2010
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A bill to amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for certain businesses. [S.3416]
Amends the Fair Credit Reporting Act with respect to the duties of users of consumer reports who take adverse actions on the basis of information contained in such reports. Excludes any health care practice, accounting practice, or legal practice with 20 or fewer employees from the meaning of creditor subject to Red Flag Guidelines regarding identity theft promulgated by the proper federal financial regulatory agency. Excludes any other business which the Federal Trade Commission (FTC) determines: (1) knows all its customers or clients individually;
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Sponsored by: Sen. John Thune
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 05/25/2010
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Restore Online Shoppers' Confidence Act [S.3386]
Restore Online Shoppers' Confidence Act - Defines "post-transaction third party seller" as a person that: (1) sells, or offers for sale, any good or service on the Internet; (2) solicits purchases on the Internet through an initial merchant after the consumer has initiated a transaction with the initial merchant; and (3) is not the initial merchant, a subsidiary or corporate affiliate of the initial merchant, or a successor to the initial merchant or subsidiary. Makes it unlawful for any post-transaction third party seller to charge or attempt to
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Sponsored by: Sen. Claire McCaskill
Became Public Law No: 111-345. on 12/29/2010
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A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction against individual income tax for interest on indebtedness and for State sales and excise taxes with respect to the purchase of certain motor vehicles. [S.333]
Amends the Internal Revenue Code to allow individual taxpayers a deduction from gross income for: (1) interest paid on indebtedness (up to $49,500) incurred after November 12, 2008, and before January 1, 2010, for the purchase of a motor vehicle (i.e., passenger automobile or light truck) with a gross vehicle weight rating of not more than 8,500 pounds; and (2) state and local sales and excise taxes imposed on the purchase of such a motor vehicle.
Sponsored by: Sen. Benjamin Cardin
Read Twice And Referred To The Committee On Finance. on 01/27/2009
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Debt Settlement Consumer Protection Act of 2010 [S.3264]
Debt Settlement Consumer Protection Act of 2010 - Amends the Consumer Credit Protection Act to prohibit debt settlement providers from providing a debt settlement service or receiving a fee from a consumer without a signed written contract meeting specified requirements. Prohibits debt settlement providers from engaging in certain acts or practices, including: (1) making loans or offering credit or soliciting or accepting any note, mortgage, or negotiable instrument other than a check signed by the consumer and dated no later than the date of signature;
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Sponsored by: Sen. Claire McCaskill
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 04/27/2010
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Fair Access to Credit Scores Act of 2010 [S.3247]
Fair Access to Credit Scores Act of 2010 - Amends the Fair Credit Reporting Act to require nationwide consumer reporting agencies, including nationwide specialty consumer reporting agencies (that compile and report on medical records or payments, residential or tenant histories, check writing histories, employment histories, and incusrance claims), to provide a free annual credit score disclosure upon consumer request.
Sponsored by: Sen. Amy Klobuchar
Sponsor Introductory Remarks On Measure. (cr S2589) on 04/22/2010
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Payday Lending Limitation Act of 2010 [S.3245]
Payday Lending Limitation Act of 2010 - Amends the Truth in Lending Act to prohibit extending consumer credit of $3,000 or less, with an annual percentage rate (APR) exceeding 36% (or, in specified circumstances, 25%) and a term or amortization period of 91 days or less (covered loan), to an individual who has had in the aggregate: (1) six covered loans extended during the preceding 12-month period; or (2) covered loan obligations of 90 days or longer during the preceding 12-month period. Requires the Board of Governors of the Federal Reserve System
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Sponsored by: Sen. Richard Durbin
Read Twice And Referred To The Committee On Banking, Housing, And Urban Affairs. on 04/22/2010
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Restoring American Financial Stability Act of 2010 [S.3217]
Restoring American Financial Stability Act of 2010 - Financial Stability Act of 2010 - Establishes the Financial Stability Oversight Council to: (1) identify risks to the financial stability of the United States; (2) promote market discipline; and (3) respond to emerging threats to the stability of the United States financial markets. Establishes within the Department of the Treasury: (1) the Office of Financial Research (Office) to support the Financial Stability Oversight Council; and (2) the Financial Research Fund to fund the Office. Grants
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Sponsored by: Sen. Christopher Dodd
Returned To The Calendar. Calendar No. 349. on 05/25/2010
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Home Star Energy Retrofit Act of 2010 [S.3177]
Home Star Energy Retrofit Act of 2010 - Requires the Secretary of Energy to establish: (1) the Home Star Retrofit Rebate Program to provide rebates to contractors to be passed through as discounts to homeowners who retrofit their homes to achieve energy savings; (2) a Federal Rebate Processing System to enable rebate aggregators to submit claims for reimbursement; and (3) a national retrofit website and public information campaign that provide information on the Program. Requires the Secretary to: (1) develop a network of rebate aggregators that
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Sponsored by: Sen. Mark Warner
Sponsor Introductory Remarks On Measure. (cr S2121) on 03/25/2010