H.R.1059 - Credit Cost Reduction Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Bachus, Spencer [R-AL-6] (Introduced 03/13/1997)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||03/28/1997 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.1059 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (03/13/1997)
Credit Cost Reduction Act of 1997 - Amends the Fair Debt Collection Practices Act to exempt from its coverage communications involving: (1) actions taken pursuant to either Federal or State Rules of Civil Procedure; or (2) a nonjudicial foreclosure.
Permits collection activities and communications to continue during the 30-day period following the initial notice of debt by the debt collector to the debtor.
Modifies civil liability guidelines with respect to: (1) class action awards; (2) attorney's fees to enforce civil liability; (3) plaintiff's attorney's fees; (4) disallowance of certain fees accruing after refusal of settlement offer; and (5) factors for court consideration in determining the amount of debt collector liability for noncompliance with such Act.