Bill Sponsor
House Bill 6423
116th Congress(2019-2020)
To provide for a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes.
Introduced
Introduced
Introduced in House on Mar 31, 2020
Overview
Text
Sponsor
Introduced
Mar 31, 2020
Latest Action
Mar 31, 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
6423
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
Florida
Democrat
California
Democrat
Massachusetts
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

This bill places restrictions on the collection of debt owed by a consumer, nonprofit organization, or small business during the COVID-19 (i.e., coronavirus disease 2019) emergency period and the following 120 days. Among other things, debt collectors may not during this period

  • charge fees or apply a higher interest rate as a result of nonpayment,
  • commence or continue litigation to collect a debt,
  • enforce a security interest through a repossession or foreclosure,
  • report past due debt to a credit reporting agency,
  • seize assets, or
  • terminate utility service.

The bill also prohibits during this period a confession of judgment or similar agreement as a condition to a loan or extension of credit. (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.)

Text (1)
March 31, 2020
Actions (2)
03/31/2020
Referred to the House Committee on Financial Services.
03/31/2020
Introduced in House
Public Record
Record Updated
Feb 8, 2022 11:15:45 PM