Bill > S3565

This bill, the Small Business and Consumer Debt Collection Emergency Relief Act of 2020, amends the Fair Debt Collection Practices Act to provide additional protections for consumers and small business owners from debt collection during a major disaster or emergency, such as the COVID-19 pandemic. The bill places restrictions on debt collectors during a "covered period" that begins one day after the declaration of a major disaster or emergency and ends 120 days after the incident period. These restrictions include prohibiting debt collectors from enforcing security interests through repossession or foreclosure, commencing or continuing litigation, terminating utility services, seizing assets, commencing or continuing an eviction, or charging certain fees or higher interest rates. After the covered period, debt collectors must provide flexible repayment options. The bill also allows creditors and debt collectors to seek compensation for any potential takings under the Fifth Amendment, with specific provisions for how the value of the property and any government assistance should be considered.

Housing and Urban Affairs

https://www.congress.gov/bill/116th-congress/senate-bill/3565/all-info