S.3491 - Justice for Victims of Fraud Act of 2016114th Congress (2015-2016)
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 12/01/2016)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 12/01/2016 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.3491 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (12/01/2016)
Justice for Victims of Fraud Act of 2016
This bill amends the Truth in Lending Act and the Electronic Fund Transfer Act to prohibit predispute arbitration agreements with consumers (i.e., agreements to arbitrate any future disputes between parties instead of pursuing the claims in court) from being valid or enforceable in disputes related to credit card accounts or personal bank accounts that are not subject to a final judgment by a court if the credit card or bank account was not issued in response to a request or application for that account.
The bill excludes from this prohibition accounts held by a financial institution pursuant to a bona fide trust agreement.