S.3629 - Consumer Credit Safety Commission Act of 2008110th Congress (2007-2008)
|Sponsor:||Sen. Durbin, Richard [D-IL] (Introduced 09/26/2008)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/26/2008 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.3629 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (09/26/2008)
Consumer Credit Safety Commission Act of 2008 - Establishes the Consumer Credit Safety Commission to promulgate consumer credit safety rules that: (1) ban abusive, fraudulent, unfair, deceptive, predatory, anticompetitive, or otherwise anti-consumer practices or product features for creditors; (2) place restrictions on consumer credit practices or product features to reduce the likelihood that they may be provided in a manner inconsistent with this Act; and (3) establish requirements for clear and adequate information appropriate to advance the objectives of this Act.
Directs the Commission to: (1) establish and maintain a best practices guide for providers of consumer credit; (2) conduct, or award grants or contracts for, continuing studies and investigations of consumer credit industry practices; (3) help consumer credit providers to develop consumer credit safety standards or guidelines; and (4) establish and operate a consumer credit customer hotline to register complaints and receive information on how to combat anti-consumer credit.
Directs the Commission to establish a program to promote federal-state cooperation to implement this Act.
Sets forth civil and criminal penalties for acts prohibited by this Act.