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Bill

HR 2704

Fair Debt Collection Improvement Act

119th Congress Introduced by Steve Cohen

HR 2704 aims to improve fairness in debt collection by strengthening consumer protections and clarifying rules for debt collectors.

Introduced in House
0
WeVote Research Nonpartisan
Bill Summary · HR 2704

Summary of HR 2704 — Fair Debt Collection Improvement Act

Basic bill information

  • Bill number: HR 2704
  • Title: Fair Debt Collection Improvement Act
  • Introduced: April 8, 2025
  • Status: Introduced in the House; referred to the House Committee on Financial Services
  • Sponsor: Rep. Steve Cohen (primary)

Purpose and intent

  • The bill’s title—“Fair Debt Collection Improvement Act”—indicates an aim to improve fairness in debt collection practices.
  • The publicly provided information does not include the bill’s full text or a formal statement of purpose. Therefore, the specific objectives, policy goals, and proposed changes cannot be detailed beyond the implied intent suggested by the title.

Key provisions (availability-dependent)

  • At this time, the actual legislative text and section-by-section provisions are not provided. As a result:
    • The specific changes to law (e.g., new prohibitions, disclosure requirements, licensing, enforcement mechanisms) are not enumerated.
    • No dollar amounts, deadlines, or regulatory authority details are available in the provided materials.

Affected parties

  • Based on the bill’s title, the likely affected groups include:
    • Consumers who interact with debt collectors (e.g., individuals with outstanding debts).
    • Debt collection agencies and other entities engaged in collecting or attempting to collect debts.
    • Financial services firms and any regulators or supervisors with oversight of collection activities (potentially the Consumer Financial Protection Bureau or analogous agencies, depending on the bill’s text).
  • The exact beneficiaries, protections, or obligations would depend on the enacted provisions.

Legislative actions and timeline

  • 2025-04-08: Introduced in the House and referred to the House Committee on Financial Services.
  • This indicates the bill is at an early stage and has not yet progressed to committee markup or floor consideration, pending committee review and potential amendments.

Next steps and how to monitor

  • To provide a comprehensive, provision-by-provision summary, the full text of HR 2704 is needed.
  • If you can share the bill text, a detailed analysis can be produced outlining:
    • Specific changes to debt collection practices
    • New compliance requirements for collectors
    • Consumer protections and remedies
    • Regulatory enforcement, penalties, and oversight
    • Effective dates and any phase-in periods

If you obtain the official bill text or a summary from the House, I can update this with a complete, provisions-by-provisions analysis.

Compiled from official sources — confirm details with the bill’s official record.

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