HR 6795
116th Congress
House
Finance and Financial Sector
Cardiovascular and respiratory health
Civil actions and liability
Consumer credit
Credit and credit markets
Debt collection
Emergency medical services and trauma care
Infectious and parasitic diseases
To prohibit confessions of judgment in connection with the extension of covered credit or creation of covered debt, and for other purposes.
Introduced: May 8, 2020
Introduced by:
Velázquez, Nydia M.
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
May 8, 2020
Referred to the House Committee on Financial Services.
May 8, 2020
Introduced in House
Plain-English summary
This bill prohibits a confession of judgment or similar agreement as a condition to a loan or extension of credit of $2 million or less during the COVID-19 (i.e., coronavirus disease 2019) emergency period and for 120 days following. (A confession of judgment is an agreement to a judgment of liability without notice and opportunity to be heard in court in the event of the default of a borrower.)
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1
Cosponsors
1