Credit Cost Reduction Act of 1997 - Amends the Fair Debt Collection Practices Act to exempt from its coverage communications involving: (1) actions taken pursuant to either Federal or State Rules of Civil Procedure; or (2) a nonjudicial foreclosure.
Permits collection activities and communications to continue during the 30-day period following the initial notice of debt by the debt collector to the debtor.
Modifies civil liability guidelines with respect to: (1) class action awards; (2) attorney's fees to enforce civil liability; (3) plaintiff's attorney's fees; (4) disallowance of certain fees accruing after refusal of settlement offer; and (5) factors for court consideration in determining the amount of debt collector liability for noncompliance with such Act.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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