To establish a moratorium on collection efforts made by certain lenders against borrowers affected by coronavirus.
Payday and Predatory Loans Moratorium Act of 2020
This bill prohibits for one year efforts by a lender to collect on certain debts owed by a borrower affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Specifically, lenders are prohibited from collection efforts against such a borrower with respect to (1) a loan with a nominal interest rate of 36% or more, and (2) a loan which the lender did not determine was affordable while allowing the borrower to meet basic living expenses and major financial obligations.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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