summary
Introduced
03/23/2020
03/23/2020
In Committee
03/23/2020
03/23/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To suspend payments on certain consumer loans during the COVID-19 emergency, and for other purposes. This bill places restrictions on the collection of consumer debts during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Among other things, debt collectors may not during such a period enforce a security interest through a repossession or foreclosure, commence or continue litigation to collect a debt, terminate utility service, seize assets, commence or continue an eviction, or charge fees or apply a higher interest rate as a result of nonpayment. After such a period, debt collectors must provide certain repayment options including extending the repayment period for debts. Violations of these provisions are subject to civil enforcement. The Federal Reserve Board must establish a facility to compensate financial institutions for losses caused by the suspension of payments.
AI Summary
This bill places restrictions on the collection of consumer debts during the COVID-19 emergency period. It prohibits debt collectors from taking certain actions, such as enforcing security interests, commencing or continuing litigation, terminating utility services, or charging fees or higher interest rates due to nonpayment. After the emergency period, debt collectors must provide repayment options, including extending the repayment period. Violations of these provisions are subject to civil enforcement. The Federal Reserve Board must establish a facility to compensate financial institutions for losses caused by the suspension of payments.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the House Committee on Financial Services. (on 03/23/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/6332/all-info |
BillText | https://www.congress.gov/116/bills/hr6332/BILLS-116hr6332ih.pdf |
Bill | https://www.congress.gov/116/bills/hr6332/BILLS-116hr6332ih.pdf.pdf |
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