1. Short title This Act may be cited as the Arbitration Fairness for Consumers Act . 2. Purposes The purposes of this Act are to— (1) prohibit predispute arbitration agreements that force arbitration of future consumer financial product or service dispute; and (2) prohibit agreements and practices that interfere with the right of individuals and small businesses to participate in a joint, class, or collective action related to a consumer financial product or service dispute. 3. No validity or enforceability of predispute arbitration agreements or joint-action waivers (a) In general Subtitle C of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5531 et seq.) is amended by inserting after section 1036 ( 15 U.S.C. 5536 ) the following: 1036A. No validity or enforceability of predispute arbitration agreements or joint-action waivers (a) Definitions In this section: (1) Class action The term class action means a lawsuit in which 1 or more parties seek or obtain class treatment pursuant to rule 23 of the Federal Rules of Civil Procedure or comparable rule or provision of State law. (2) Consumer dispute The term consumer dispute means a dispute between— (A) an individual, including an individual who seeks certification as a class under rule 23 of the Federal Rules of Civil Procedure or a comparable rule or provision of State law, who for personal, family, or household purposes, seeks or acquires— (i) real or personal property; (ii) services, including services related to digital technology; (iii) securities or other investments; (iv) money; or (v) credit