Bill Sponsor
House Bill 6361
116th Congress(2019-2020)
Relief for Small Businesses and Nonprofits Act
Introduced
Introduced
Introduced in House on Mar 23, 2020
Overview
Text
Introduced
Mar 23, 2020
Latest Action
Mar 23, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6361
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Colorado
Democrat
California
Democrat
California
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Relief for Small Businesses and Nonprofits Act

This bill places restrictions on the collection of debts owed by small businesses and nonprofit organizations 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 loan holders for losses caused by the suspension of payments.

Text (1)
March 23, 2020
Actions (2)
03/23/2020
Referred to the House Committee on Financial Services.
03/23/2020
Introduced in House
Public Record
Record Updated
Feb 8, 2022 11:17:27 PM