H.R. 6544 · 116th Congress
Payday and Predatory Loans Moratorium Act of 2020
- Stage
- In committee
- Sponsor
- Gregory Meeks
- Introduced
- 2020-04-17
- Latest action
- 2020-04-17 · Introduced in House
Summary
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.