Borrower's Bill of Rights Act
Latest action · Jul 1, 2005 Referred to the Subcommittee on Commercial and Administrative Law.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 14, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Borrower's Bill of Rights Act - Amends Federal law to create the position of Assistant Secretary for Financial Education in the Department of the Treasury.
Amends the Financial Literacy and Education Improvement Act to direct such Secretary to establish a two-year financial literacy pilot program for middle and high school students.
Amends the Truth in Lending Act to require that mandatory disclosures governing a consumer credit transaction be simple, easy to understand, and in a language understood by the consumer.
Amends the Depository Institutions Deregulation and Monetary Control Act of 1980 to repeal the preemption of state mortgage usury laws.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to provide that the constitution or the laws of any state expressly limiting the rate or amount of interest, discount points, finance charges, or other charges shall apply to all depository institutions and credit unions, respectively, that are located in, have any branch in, or do business in such state with respect to customers which reside in or are located in such state.
Amends the Truth in Lending Act to: (1) prohibit "flipping" practices and mandatory arbitration; (2) lower the interest rate threshold for high-cost mortgages; and (3) require creditors to receive certification that a consumer has successfully completed pre-loan counseling before extending the consumer credit under a high-cost mortgage. Sets limits governing rollovers or refinancing of payday loans with the same creditor.
Amends the Federal bankruptcy code to: (1) include within the fourth order of priority of claims against the estate the rights or interests in debtor's equity securities that are held in a pension plan; (2) increase the employee earnings and benefits included within such fourth order of priority; and (3) exempt such employee pension benefits from subordination agreement constraints.
Cosponsors
Members who signed on, in the order they did.
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 14, 2005 |
| House | Judiciary Committee | Referred Apr 14, 2005 |
| Commercial and Administrative Law Subcommittee | Referred Jul 1, 2005 |
Actions 3
Everything that happened, newest first.
- Jul 1, 2005Referred to the Subcommittee on Commercial and Administrative Law.
- Apr 14, 2005Introduced in House
- Apr 14, 2005Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL32899 | Housing Issues in the 109th Congress Archived | Report | Jan 8, 2007 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4866 | Promote Responsibility by Improving Development Education Act of 2006 | Related bill | May 1, 2006 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend various banking laws to combat predatory lending, particularly in regards to low and moderate income individuals, and for other purposes.
- Short Titles as Introduced
- Borrower's Bill of Rights Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Alternative dispute resolution
- Bank loans
- Bankruptcy
- Checks
- Civil actions and liability
- Claims
- Collection of accounts
- Commerce
- Commercial arbitration
- Congress
- Congressional reporting requirements
- Consumer credit
- Consumer education
- Consumer protection
- Contracts
- Counseling
- Credit unions
- Debtor and creditor
- Department of the Treasury
- Economics and Public Finance
- Education
- Electronic funds transfers
- Elementary and secondary education
- Employee benefit plans
- Employee ownership
- Executive reorganization
- Federal aid to education
- Federal officials
- Federal preemption
- Federal Reserve System
- Federal-state relations
- Finance and Financial Sector
- Finance charges
- Financial planning
- Financial services
- Financial statements
- Government Operations and Politics
- Housing and Community Development
- Interest
- Interest rates
- Labor and Employment
- Law
- Loans
- Mortgages
- Pension funds
- Personal budgets
- Science, Technology, Communications
- Social Welfare
- State constitutions
- State laws
- Usury
- Wages
Text 1
Each version as it was printed, newest first.
- Apr 14, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.