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.
States that this Act shall be enforced under the Truth in Lending Act.
Actions
Nov 19, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Nov 1, 2001
Referred to the House Committee on Financial Services.