S.3259 - Consumer Credit Fairness Act

A bill to amend title 11, United States Code, with respect to the priority of certain high cost credit debts. view all titles (2)

All Bill Titles

  • Official: A bill to amend title 11, United States Code, with respect to the priority of certain high cost credit debts. as introduced.
  • Short: Consumer Credit Fairness Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
07/14/08
 
 
 
 
 
 
 

Official Summary

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 lie

Official Summary

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.

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