House Bill 1151
117th Congress(2021-2022)
CPR Fund Act
Introduced
Introduced in House on Feb 18, 2021
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
1151
Congress
117
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 Protection Relief Fund Act or the CPR Fund Act
This bill establishes the Consumer Protection Relief Fund for the purpose of repaying certain loans owed by vulnerable borrowers who are experiencing financial difficulty due to the impact of COVID-19 (i.e., coronavirus disease 2019). To qualify for repayment, the holder of the loan must
- commit to issuing or purchasing other loans to vulnerable borrowers in an amount at least equal to the payment received,
- forgive the borrower's remaining loan balance, and
- terminate any negative reporting to consumer reporting agencies with respect to the borrower's loan.
A loan must be a closed-end installment loan—a loan extended at a set amount and repaid by the borrower with a fixed amount over a limited number of payment periods—to qualify for repayment. However, the bill excludes from eligibility a student, auto, or mortgage loan.
Aggregate payments with respect to a borrower may not exceed $9,500.
February 18, 2021
02/18/2021
Referred to the House Committee on Financial Services.
02/18/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:47:20 PM