H.R.3175 - Late Fee Emergency Relief Act of 2001107th Congress (2001-2002)
|Sponsor:||Rep. Smith, Christopher H. [R-NJ-4] (Introduced 10/29/2001)|
|Committees:||House - Financial Services|
|Latest Action:||House - 11/02/2001 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Text: H.R.3175 — 107th Congress (2001-2002)All Information (Except Text)
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Introduced in House (10/29/2001)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [H.R. 3175 Introduced in House (IH)] 107th CONGRESS 1st Session H. R. 3175 To prohibit creditors from imposing late fees, increasing interest rates, or submitting adverse credit information with regard to the account of a consumer whose mail service has been disrupted due to a biological, chemical, or radiological attack, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 29, 2001 Mr. Smith of New Jersey introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To prohibit creditors from imposing late fees, increasing interest rates, or submitting adverse credit information with regard to the account of a consumer whose mail service has been disrupted due to a biological, chemical, or radiological attack, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Late Fee Emergency Relief Act of 2001''. SEC. 2. TRUTH IN LENDING ACT AMENDMENTS. (a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after section 129 the following new section: ``Sec. 129A. Requirements in the case of a biological, chemical, or radiological attack-related mail disruption ``(a) In General.--In the case of any consumer whose principal residence is located in a postal zip code for which a designation is in effect under subsection (b), any obligation of such consumer on a consumer credit transaction shall be subject to the following limitations during the effective period of such designation: ``(1) If any late fee may otherwise be imposed by any creditor of the consumer during such effective period due to nonreceipt by the creditor of a payment before the date by which or the end of the period within which, a payment by the consumer is required to be made, such late fee shall be waived unless payment is not received by the date or the end of the period determined in accordance with paragraph (4). ``(2) No increase may be made in the annual percentage rate applicable to any outstanding balance with respect to such credit transaction, other than an increase in the annual percentage rate due to a change in an index or rate of interest-- ``(A) on which such annual percentage rate is based; ``(B) which is publicly available; and ``(C) which is not under the control of the creditor. ``(3) No payment information that is adverse to the interest of the consumer or would adversely affect the consumer's credit rating or credit standing may be submitted by a creditor to a consumer reporting agency. ``(4) If the date by which or the end of the period within which, a payment must be made in connection with the consumer credit transaction under the terms of the agreement falls within the effective period of the designation, such date or period shall be extended for an additional 30 days. ``(b) Designation as a Biological, Chemical, or Radiological Attack-Related Mail Disruption Area.-- ``(1) Designation required.--If the collection, transmission, or distribution of any mail by the United States Postal Service is disrupted due, in whole or in part, to a biological, chemical, or radiological attack, the Postmaster General shall promptly designate the postal zip code in which such disruption occurs for purposes of subsection (a) effective for a 30-day period beginning on the date the disruption first occcured. ``(2) Extension of period.--If the Postmaster General determines that mail service in any postal zip code designated under paragraph (1) has not been fully restored at least 7 days before the end of the period referred to in such paragraph, such designation shall continue in effect until the end of the 7-day period beginning on the date the Postmaster General determines that such mail service has been fully restored. ``(3) Publication of designations.--Before the end of the 30-day period beginning on the date of the enactment of the Late Fee Emergency Relief Act of 2001 and each 30 days thereafter, the Postmaster General shall-- ``(A) compile a list of all the postal zip codes for which a designation is in effect under paragraph (1) as of the date of publication and the date each such designation became effective; ``(B) immediately transmit such list to the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and each other agency referred to in section 108(a); and ``(C) publish such list in the Federal Register.''. (b) Clerical Amendment.--The table of sections for chapter 2 of the Truth in Lending Act is amended by inserting after the item relating to section 129 the following new item: ``129A. Requirements in the case of a biological, chemical, or radiological attack-related mail disruption.''. <all>