HR 6544
116th Congress
House
Finance and Financial Sector
Cardiovascular and respiratory health
Consumer credit
Debt collection
Emergency medical services and trauma care
Infectious and parasitic diseases
Interest, dividends, interest rates
Motor vehicles
Payday and Predatory Loans Moratorium Act of 2020
Introduced: April 17, 2020
Introduced by:
Meeks, Gregory W.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 17, 2020
Referred to the House Committee on Financial Services.
Apr 17, 2020
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1