Payday and Predatory Loans Moratorium Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Apr 17, 2020)
Payday and Predatory Loans Moratorium Act of 2020
This bill prohibits for one year efforts by a lender to collect on certain debts owed by a borrower affected by the COVID-19 (i.e., coronavirus disease 2019) pandemic. Specifically, lenders are prohibited from collection efforts against such a borrower with respect to (1) a loan with a nominal interest rate of 36% or more, and (2) a loan which the lender did not determine was affordable while allowing the borrower to meet basic living expenses and major financial obligations.
What just happenedApr 17, 2020
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseApr 17, 2020
- Apr 17, 2020IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Apr 17, 2020IntroReferralIntro-H
Introduced in House
- Apr 17, 2020IntroReferral1000
Introduced in House