House Bill 7796
116th Congress(2019-2020)
Consumer Relief during COVID–19 Act
Introduced
Introduced in House on Jul 27, 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
7796
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.
No House votes have been held for this bill.
Summary
Consumer Relief during COVID-19 Act
This bill places restrictions on the collection of consumer debts during the COVID-19 (i.e., coronavirus disease 2019) emergency period and for 120 days after this period. Among other things, debt collectors may not during this period
- enforce a security interest through a repossession,
- seize assets,
- commence or continue an eviction,
- terminate utility service, or
- charge fees or apply a higher interest rate as a result of nonpayment.
After this period, debt collectors must provide certain repayment options including extending the repayment period for debts.
The bill also provides for forbearance programs established by creditors for consumers experiencing a financial hardship due to COVID-19. The Federal Reserve Board must establish a credit facility to make long-term, low-cost loans to these creditors for losses caused by any forbearance of payments.
July 27, 2020
07/27/2020
Referred to the House Committee on Financial Services.
07/27/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:49 PM