To treat arbitration clauses which are unilaterally imposed on consumers as an unfair and deceptive trade practice and prohibit their use in consumer transactions, and for other purposes.
Consumer Fairness Act of 2007 - 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 a provision unenforceable.
Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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