H.R.3217 - Late Fee Relief Act107th Congress (2001-2002)
|Sponsor:||Rep. Ford, Harold E., Jr. [D-TN-9] (Introduced 11/01/2001)|
|Committees:||House - Financial Services|
|Latest Action:||11/19/2001 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.3217 — 107th Congress (2001-2002)All Bill Information (Except Text)
Late Fee Relief Act - Establishes a six-month period during which consumers of financial services shall be extended a two-week grace period to make any obligatory payments. Prohibits a financial services business from: (1) imposing either a late fee or additional financing fee upon a consumer account for failure to make payment by the due date, unless a payment is not received by the end of the two-week grace period; or (2) providing any information adverse to the consumer or the consumer's credit status as a result of such payment failure before the two-week grace period.
Introduced in House (11/01/2001)
States that this Act shall be enforced under the Truth in Lending Act.