Borrower's Bill of Rights Act

Bill: 109-hr-1643
Sponsor: Rep. Ford, Harold E., Jr. [D-TN-9]
Introduced: 2005-04-14 in the House
Policy area: Finance and Financial Sector
Subjects: 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 Reserve System
Federal aid to education
Federal officials
Federal preemption
Federal-state relations
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

Summary:
action_date: 2005-04-14
text: 
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 &quot;flipping&quot; 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.


Legislative actions:
action_date: 2005-07-01
text: Referred to the Subcommittee on Commercial and Administrative Law.
action_date: 2005-04-14
text: Referred 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.
action_date: 2005-04-14
text: Referred 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.
action_date: 2005-04-14
text: Referred 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.
action_date: 2005-04-14
text: Introduced in House
action_date: 2005-04-14
text: Introduced in House