S. 3264 (111th): Debt Settlement Consumer Protection Act of 2010

Apr 27, 2010 (111th Congress, 2009–2010)
Died (Referred to Committee)
See Instead:

H.R. 5387 (same title)
Referred to Committee — May 25, 2010

Charles “Chuck” Schumer
Senator from New York
Read Text »
Last Updated
Apr 27, 2010
37 pages
Related Bills
H.R. 5387 (identical)

Referred to Committee
Last Action: May 25, 2010


This bill was introduced on April 27, 2010, in a previous session of Congress, but was not enacted.

Introduced Apr 27, 2010
Referred to Committee Apr 27, 2010
Full Title

A bill to amend the Consumer Credit Protection Act to provide for regulation of debt settlement services, and for other purposes.


No summaries available.

1 cosponsors (1D) (show)

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.


Get a bill status widget for your website »


Click a format for a citation suggestion:


S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Debt Settlement Consumer Protection Act of 2010 - Amends the Consumer Credit Protection Act to prohibit debt settlement providers from providing a debt settlement service or receiving a fee from a consumer without a signed written contract meeting specified requirements.
Prohibits debt settlement providers from engaging in certain acts or practices, including:
(1) making loans or offering credit or soliciting or accepting any note, mortgage, or negotiable instrument other than a check signed by the consumer and dated no later than the date of signature;
(2) taking a confession of judgment or power of attorney to confess judgment against the consumer or appearing as the consumer or on the consumer's behalf in any judicial or non-judicial proceedings;
(3) taking any release or waiver of an obligation to be performed on the part of the debt settlement provider or any right of the consumer;
(4) receiving any third-party compensation for providing the consumer with a debt settlement service; or
(5) purchasing debts or engaging in debt collection.
Permits debt settlement providers to charge enrollment and settlement fees, but no others.
Requires a debt settlement provider who receives funds from a consumer to hold them for a consumer settlement account in a properly designated trust account in a federally insured depository institution not affiliated with the provider.
Permits a consumer to cancel a contract with a debt settlement provider at any time, in accordance with specified requirements and procedures.
Declares void and unenforceable: (1) a consumer's waiver of any consumer protection or right provided under this Act; and (2) any contract for a debt settlement service that does not comply with this Act.
Prohibits a debt settlement provider from engaging in certain advertising, marketing, or other communication practices except in accordance with specified requirements.
Authorizes the Federal Trade Commission (FTC) to prescribe rules governing advertising and marketing practices, record retention, and provision of accountings to consumers, as well as debt relief service rules.
Subjects a debt settlement provider to civil liability (including punitive damages) for noncompliance with this Act.
Empowers the FTC to enforce this Act. Authorizes a state to bring a civil action in federal court on behalf of its residents for noncompliance with this Act.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 3264 (111th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus