Consumer Fairness Act of 2002

Consumer Fairness Act of 2002 - Amends the Consumer Credit Protection Act to treat as an unfair and deceptive trade act or practice under Federal or State law any written provision in a consumer transaction or contract which requires binding arbitration to resolve a controversy arising out of or related to the transaction or contract, or the failure to perform any part.

Declares such provision unenforceable.

Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.