Debt Counseling, Debt Consolidation, and Debt Settlement Practices Improvement Act of 2003

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D CarsonSponsor

11 cosponsors · 10 D, 1 I

D Napolitano MOD Owens TR

10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · Oct 17, 2003

Debt Counseling, Debt Consolidation, and Debt Settlement Practices Improvement Act of 2003 - Prohibits an organization that engages in debt counseling, debt consolidation, or debt settlement from engaging in specified unfair and deceptive practices including: (1) unreasonable disclosure of information to third parties regarding amounts owed by any consumer; (2) undisclosed relationship between a debt counseling organization and a debt consolidation or debt settlement organization; (3) diversion of periodic payments from creditor to debt settlement organization; and (4) payment in advance of full performance of service.

Requires a written, dated contract signed by the consumer as a prerequisite to services provided by any organization offering debt counseling, debt consolidation, or debt settlement.

Prescribes contract terms. Establishes the consumer right to cancel such contract.

Declares void and unenforceable any waiver by the consumer of the protections of this Act.

Requires registration with the Secretary of the Treasury of any debt counseling, debt consolidation, or debt settlement organization.

Establishes civil liability for non-compliance with this Act.

Grants the Federal Trade Commission and the States enforcement powers to implement this Act.

Prohibits any requirement or prohibition from being imposed under the laws of any State with respect to any subject matter regulated under this Act.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Debt Counseling, Debt Consolidation, and Debt Settlement Practices Improvement Act of 2003

Latest action (Nov 4, 2003): Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 17, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.