S. 3259: Consumer Credit Fairness Act

110th Congress · introduced 2008-07-14 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652)

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Follow this bill, step by step

Where it came from: introduced 2008-07-14 · official record
Who proposed it: Sen. Whitehouse, Sheldon [D-RI] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6652) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Consumer Credit Fairness Act

Plain summary

Consumer Credit Fairness Act - Amends federal bankruptcy law governing equitable subordination of claims in a bankruptcy case to: (1) subordinate a claim arising from a high cost consumer credit transaction to all other claims; and (2) require transfer to the estate in bankruptcy of any lien securing a subordinated claim. Defines "high cost consumer credit transaction" as an extension of credit by a creditor resulting in a consumer debt with an applicable annual percentage rate (APR), including related costs and fees, that exceeds the lesser of: (1) the sum of 15% and the yield on U.S. Treasury securities having a 30-year period of maturity; or (2) 36%. Excludes a debtor's petition for relief resulting from a high cost consumer credit transaction from mandatory consideration for dismissal, or conversion to a case under chapter 11 or 13, based upon a finding of substantial abuse.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Consumer Credit Fairness Act

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Whitehouse, Sheldon [D-RI] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL)

Sponsor's campaign money: Sen. Whitehouse, Sheldon [D-RI] reported raising $652,856 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3259.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3259 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110