Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions".
Consumer Protection: Rules on Unfair Contract Terms
This bill is currently in the early stages of the legislative process after being sent to the House Committee on Financial Services for review. It is actively moving through the initial steps, but no further actions or hearings have been scheduled yet. There is no companion bill listed for this proposal at this time.
Legislative Progress
Resolutions like this rarely pass unless the party in control of Congress is trying to block a rule from a president they oppose.
Key Points
- This resolution aims to stop the Consumer Financial Protection Bureau from canceling a policy that protects people from illegal contract terms. The policy warns banks and lenders not to include fine print that they know is against the law or cannot be enforced.
- The goal is to make sure companies do not use confusing or illegal language to trick customers into giving up their rights. Many companies use these terms to make people think they cannot sue or take other legal actions even when the law says they can.
- If Congress passes this, the agency's decision to drop these protections would be reversed. This would keep the original consumer safety guidelines active and prevent the agency from trying to remove them again without permission.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions".
Data Sources
Sponsor
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