PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 30, 2000
Credit Cost Reduction Act of 2000 - Amends the Fair Debt Collection Practices Act to exclude from the definition of "communication" subject to penalties for abusive debt collection practices any action taken pursuant to either State or Federal rules of civil procedure, or a nonjudicial foreclosure.Permits collection activities and communications during the 30-day notice period following initial debt notification to the consumer.Revises civil liability guidelines for a debt collector's noncompliance with the Act with respect to: (1) consumer's attorney's fees; (2) disallowance of certain attorney's fees accruing after a consumer's refusal of a debt collector's settlement offer if a final judgment amounts to the same as or less than such offer; (3) additional factors for consideration by the court in determining the amount of any award; and (4) a debt collector's good faith compliance with State or Federal rules of civil procedure as a shield against liability.Cites conditions under which a servicer of federally related mortgage loans secured by first liens is exempt from certain requirements relating to: (1) debt notification and validation; and (2) failure to disclose that the debt collector is attempting to collect a debt and that any information obtained will be used for that purpose. Requires such a servicer, if a debt collector is exempt from ordinary debt validation requirements, to provide a consumer, without charge, with a validation statement or a notice of the consumer's right to receive one at least 30 days before any debt acceleration.
People & committees
Sen. Craig, Larry E. [R-ID] · R–ID
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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