Original Status
AAB- “Committee Number”- “Bill Number”:
In the Amending Congress
Date:
Authors:
Sponsors:
Title:
Preamble:
In the WHEREAS clauses, describe individual reasons why this bill should pass. End the WHEREAS clauses with “, and” so that it runs as one long sentence until the last WHEREAS clause.
Therefore:
Section #:
Section #:
Section #
AAB-09-001 is a bill to standardize the debt market in order to protect debtors from debt buyers who use debt in a threatening way.
AAB-09-001:
*A new license will be made and required in order to buy and/or collect debt.
*When a creditor chooses to sell debt to a debt buyer then a meeting must be held which includes the creditor, debtor, and debt buyer so that all members of the transaction are aware of the transaction.
* When a debt buyer purchases debt, the debt will not default to its original amount but instead will only include the current amount owed by the debtor.
*Debt buyers will not be allowed to sue debtors for seven years after the purchasing of the debt from the original creditors and the trial of the lawsuits will not favor any side if only one side shows up to court. No winning by default.
*Debt will be organized on a proper database that the GOA will maintain and only provide to businesses that have the license to buy debt and those who are in debt.