H.R.2547 - Comprehensive Debt Collection Improvement Act117th Congress (2021-2022) |
|Sponsor:||Rep. Waters, Maxine [D-CA-43] (Introduced 04/15/2021)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 117-23|
|Latest Action:||Senate - 05/17/2021 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There have been 4 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2547 — 117th Congress (2021-2022)All Information (Except Text)
Passed House (05/13/2021)
Comprehensive Debt Collection Improvement Act
This bill generally provides additional financial protections for consumers and places restrictions on debt collection activities.
Regarding additional consumer protections, the bill
- expands certain protections currently applicable to federally backed student loans to private student loans, including by requiring the discharge of a private student loan in the event of the borrower's death or total and permanent disability;
- prohibits a consumer reporting agency from adding any information related to a debt arising from a medically necessary procedure to a consumer credit report and places restrictions on the reporting of other types of medical debt; and
- applies certain consumer protections regarding debt collection to debt owed to a federal agency, states, debt buyers, and businesses engaged in nonjudicial foreclosures.
It also prohibits certain loan conditions that limit a borrower's opportunity to be heard in court in the event of default.
Additionally, the bill restricts debt collectors and debt collection practices by
- prohibiting a debt collector from representing to a service member that failure to cooperate with a debt collector will result in a reduction of rank or similar action,
- limiting a debt collector's electronic communications with a debtor without the debtor's permission, and
- requiring a debt collector to provide advance notice to a consumer of the intent to take legal action to collect a debt.
The Government Accountability Office must report on the impact of debt collection on service members and on the use of debt collectors by federal and state agencies.