The economic dynamics that lead to the designation of the current high cost states and jurisdictions have not been revised for nearly 30 years. Clearly reexamination of these high cost area designation and related housing affordability issues is long overdue. The bill amends the Fair Credit Reporting Act to allow any consumer to request a copy of their credit report from any consumer reporting agency without charge at least once each calendar year. Last year the House and Senate passed a bankruptcy bill that was later vetoed by President Clinton. A second issue deals with automatic stay provisions in rental housing.
Current law contains a loophole that allows a tenant to delay eviction by declaring bankruptcy.
Currently, tenants file bankruptcy and refuse to pay rent, costing landlords lost rents and legal fees to pursue bankruptcy remedies. A number of provisions were added to the bill on the Senate floor, so a compromise will have to be developed between the House and Senate. President Bush has said he will sign the bill. S. 350 provides liability relief for innocent property owners, increases funding for brownfields cleanup and redevelopment, and recognizes the finality of successful state hazardous waste cleanup efforts. The Senate passed the bill by a 99-0 vote.