H.R.1151 - CPR Fund Act117th Congress (2021-2022) |
|Sponsor:||Rep. Lynch, Stephen F. [D-MA-8] (Introduced 02/18/2021)|
|Committees:||House - Financial Services|
|Latest Action:||House - 02/18/2021 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1151 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in House (02/18/2021)
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.