S.575 - Stop Debt Collection Abuse Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Booker, Cory A. [D-NJ] (Introduced 03/08/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 03/08/2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.575 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (03/08/2017)
Stop Debt Collection Abuse Act of 2017
This bill amends the Fair Debt Collection Practices Act to apply that Act's restrictions to collectors of debt owed to a federal agency.
A federal agency that is a creditor may not sell or transfer a debt to a debt collector until 90 days after the obligation arises. Specified notice to the consumer of such a sale or transfer is required.
A collector of debt owed to a federal agency may not collect any interest, fee, charge, or expense that is: (1) unreasonable in relation to actual costs, (2) not authorized by a contract between the debt collector and the federal agency, or (3) greater than 10% of the amount collected.
The Government Accountability Office shall study and report to Congress on the use of debt collectors by federal, state, and local government agencies.