Relief for Consumers During COVID–19 Act of 2020

To suspend payments on certain consumer loans during the COVID-19 emergency, and for other purposes.

Subjects

Finance and Financial Sector

Summary

Relief for Consumers During COVID-19 Act of 2020

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.

Full Text

Related Legislation

H.R. 6321Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act
2020-03-23Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related
H.R. 6361Relief for Small Businesses and Nonprofits Act
2020-03-23Referred to the House Committee on Financial Services.
Related
H.R. 6379Take Responsibility for Workers and Families Act
2020-03-23Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related

Legislative Actions

2020-03-23
Introduced in House
2020-03-23
Introduced in House
2020-03-23
Referred to the House Committee on Financial Services.

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