Comprehensive Debt Collection Improvement Act
3/8/2023, 8:26 PMSummary of Bill HR 2547
The Comprehensive Debt Collection Improvement Act, also known as Bill 117 hr 2547, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to make significant improvements to the debt collection process in the United States.One key aspect of the Comprehensive Debt Collection Improvement Act is the establishment of new guidelines and regulations for debt collectors. These guidelines aim to protect consumers from abusive and harassing debt collection practices. The bill also includes provisions to ensure that debt collectors are held accountable for any violations of these guidelines.
Additionally, the Comprehensive Debt Collection Improvement Act seeks to improve transparency in the debt collection process. This includes requiring debt collectors to provide consumers with clear and accurate information about their debts, as well as their rights and options for resolving them. Furthermore, the bill includes measures to address issues related to medical debt collection, such as prohibiting the reporting of medical debt to credit bureaus until after a 180-day waiting period. This is intended to give consumers more time to resolve medical debts before they negatively impact their credit scores. Overall, the Comprehensive Debt Collection Improvement Act aims to create a fairer and more transparent debt collection system that protects consumers from abusive practices and ensures that they have the information and resources they need to effectively manage their debts.
Congressional Summary of HR 2547
Comprehensive Debt Collection Improvement Act
This bill generally provides additional financial protections for consumers and places restrictions on debt collection activities.
Regarding additional consumer protections, the bill
- expands certain protections currently applicable to federally backed student loans to private student loans, including by requiring the discharge of a private student loan in the event of the borrower's death or total and permanent disability;
- prohibits a consumer reporting agency from adding any information related to a debt arising from a medically necessary procedure to a consumer credit report and places restrictions on the reporting of other types of medical debt; and
- applies certain consumer protections regarding debt collection to debt owed to a federal agency, states, debt buyers, and businesses engaged in nonjudicial foreclosures.
It also prohibits certain loan conditions that limit a borrower's opportunity to be heard in court in the event of default.
Additionally, the bill restricts debt collectors and debt collection practices by
- prohibiting a debt collector from representing to a service member that failure to cooperate with a debt collector will result in a reduction of rank or similar action, and
- limiting a debt collector's electronic communications with a debtor without the debtor's permission.
Read the Full Bill
Current Status of Bill HR 2547
Bill HR 2547 is currently in the status of Bill Introduced since April 15, 2021. Bill HR 2547 was introduced during Congress 117 and was introduced to the House on April 15, 2021. Bill HR 2547's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of May 17, 2021Bipartisan Support of Bill HR 2547
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2547
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 2547
Comprehensive Debt Collection Improvement ActTo expand and enhance consumer, student, servicemember, and small business protections with respect to debt collection practices, and for other purposes.Small Business Lending Fairness ActFair Debt Collection Practices for Servicemembers ActPrivate Loan Disability Discharge Act of 2021Consumer Protection for Medical Debt Collections ActEnding Debt Collection Harassment Act of 2021Stop Debt Collection Abuse Act of 2021Debt Collection Practices Harmonization ActNon-Judicial Foreclosure Debt Collection Clarification ActSecuring Consumers Against Misrepresented Debt Act of 2021SCAM Debt ActRyan Frascone Memorial Student Loan Relief Act of 2021Comprehensive Debt Collection Improvement ActNon-Judicial Foreclosure Debt Collection Clarification ActComprehensive Debt Collection Improvement ActEnding Debt Collection Harassment Act of 2021Debt Collection Practices Harmonization ActFair Debt Collection Practices for Servicemembers ActSmall Business Lending Fairness ActStop Debt Collection Abuse Act of 2021Consumer Protection for Medical Debt Collections ActPrivate Loan Disability Discharge Act of 2021Comprehensive Debt Collection Improvement ActFair Debt Collection Practices for Servicemembers ActSmall Business Lending Fairness ActNon-Judicial Foreclosure Debt Collection Clarification ActDebt Collection Practices Harmonization ActStop Debt Collection Abuse Act of 2021Ending Debt Collection Harassment Act of 2021Consumer Protection for Medical Debt Collections ActPrivate Loan Disability Discharge Act of 2021Ryan Frascone Memorial Student Loan Relief Act of 2021Securing Consumers Against Misrepresented Debt Act of 2021Ending Debt Collection Harassment Act of 2021SCAM Debt ActFair Debt Collection Improvement ActDebt Collection Practices Harmonization ActPrivate Loan Disability Discharge Act of 2021Non-Judicial Foreclosure Debt Collection Clarification ActConsumer Protection for Medical Debt Collections ActStop Debt Collection Abuse Act of 2021Fair Debt Collection Practices for Servicemembers ActComprehensive Debt Collection Improvement ActSmall Business Lending Fairness ActComments
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Sponsors and Cosponsors of HR 2547
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Providing for consideration of the bill (H.R. 2547) to expand and enhance consumer, student, servicemember, and small business protections with respect to debt collection practices, and for other purposes; providing for consideration of the bill (H.R. 1065) to eliminate discrimination and promote womens health and economic security by ensuring reasonable workplace accommodations for workers whose ability to perform the functions of a job are limited by pregnancy, childbirth, or a related medical condition; and for other purposes.
Bill HRES 380March 8, 2023