Summary: H.R.6544 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.6544. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/17/2020)

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.