H.R. 1887 · 108th Congress
Consumer Fairness Act of 2003
- Stage
- In committee
- Sponsor
- Luis Gutiérrez
- Introduced
- 2003-04-30
- Latest action
- 2003-05-12 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
Consumer Fairness Act of 2003 - Amends the Consumer Credit Protection Act to treat as an unfair and deceptive trade act or practice under Federal or State law any written provision in a consumer transaction or contract which requires binding arbitration to resolve a controversy arising out of or related to the transaction or contract, or the failure to perform any part.
Declares such a provision unenforceable.
Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.