U.S. Congress - H.R.2201 Consumer Debt Prevention and Education Act of 2005
H.R.2201 - Consumer Debt Prevention and Education Act of 2005
To amend chapter 7 of title 11 of the United States Code, to exclude medically distress debtors from the application of the means test, to amend the Truth in Lending Act to require certain disclosures in connection with credit card applications and solicitations, and for other purposes. view all titles (2)
All Bill Titles
- Short: Consumer Debt Prevention and Education Act of 2005 as introduced.
- Official: To amend chapter 7 of title 11 of the United States Code, to exclude medically distress debtors from the application of the means test, to amend the Truth in Lending Act to require certain disclosures in connection with credit card applications and solicitations, and for other purposes. as introduced.
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Official Summary
5/5/2005--Introduced.Consumer Debt Prevention and Education Act of 2005 - Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to prohibit a judge, U.S. trustee, or other party in interest from filing a presumption-of-abuse motion if the debtor is a medically distressOfficial Summary
5/5/2005--Introduced.
Consumer Debt Prevention and Education Act of 2005 - Amends the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 to prohibit a judge, U.S. trustee, or other party in interest from filing a presumption-of-abuse motion if the debtor is a medically distressed debtor.
Amends the Truth in Lending Act to require credit card disclosures under an open end consumer credit plan to include an explanation of:
(1) credit scores and the negative effects that low credit scores can have on the consumer;
(2) how being over a credit limit hurts the consumer; and
(3) how long it would take paying off a credit balance by just making the minimum payments required, and the effect that negative amortization may have in extending such time.
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