Bill

Bill > HR6332


US HR6332

Relief for Consumers During COVID–19 Act of 2020


summary

Introduced
03/23/2020
In Committee
03/23/2020
Crossed Over
Passed
Dead
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)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...