A bill to create a new Consumer Credit Safety Commission, to provide individual consumers of credit with better information and stronger protections, and to provide sellers of consumer credit with more regulatory certainty.
Consumer Credit Safety Commission Act of 2008 - Establishes the Consumer Credit Safety Commission to promulgate consumer credit safety rules that: (1) ban abusive, fraudulent, unfair, deceptive, predatory, anticompetitive, or otherwise anti-consumer practices or product features for creditors; (2) place restrictions on consumer credit practices or product features to reduce the likelihood that they may be provided in a manner inconsistent with this Act; and (3) establish requirements for clear and adequate information appropriate to advance the objectives of this Act.
Directs the Commission to: (1) establish and maintain a best practices guide for providers of consumer credit; (2) conduct, or award grants or contracts for, continuing studies and investigations of consumer credit industry practices; (3) help consumer credit providers to develop consumer credit safety standards or guidelines; and (4) establish and operate a consumer credit customer hotline to register complaints and receive information on how to combat anti-consumer credit.
Directs the Commission to establish a program to promote federal-state cooperation to implement this Act.
Sets forth civil and criminal penalties for acts prohibited by this Act.
Referred to the House Committee on Financial Services.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9711)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S9711-9715)
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