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116-hr-6544116th Congress

Payday and Predatory Loans Moratorium Act of 2020

Sponsored By: Representative Meeks, Gregory W. [D-NY-5]

Unknown

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Meeks, Gregory W. [D-NY-5]

NY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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