Consumer Fairness Act of 2002 - Amends the Consumer Credit Protection Act to treat as an unfair and deceptive trade act or practice under Federal or State law any written provision in a consumer transaction or contract which requires binding arbitration to resolve a controversy arising out of or related to the transaction or contract, or the failure to perform any part.
Declares such provision unenforceable.
Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.
Actions
Aug 1, 2002
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Jul 18, 2002
Referred to the House Committee on Financial Services.
Jul 18, 2002
Sponsor introductory remarks on measure. (CR E1301)