A bill to prohibit the Federal Trade Commission from promulgating trade regulation rules which repeal or limit use of holder in due course defenses in connection with the sale or lease of goods or services to consumers.

Repeals the regulation promulgated by the Federal Trade Commission which subjects purchasers of notes of consumers to defenses such consumers have against the seller of goods or services to whom such consumer issued such note, and prohibits holder in due course protection for such purchasers. Prohibits the Commission from promulgating such a rule in the future.