0
0

To provide for a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes.

2/8/2022, 11:15 PM

Congressional Summary of HR 6423

This bill places restrictions on the collection of debt owed by a consumer, nonprofit organization, or small business during the COVID-19 (i.e., coronavirus disease 2019) emergency period and the following 120 days. Among other things, debt collectors may not during this period

  • charge fees or apply a higher interest rate as a result of nonpayment,
  • commence or continue litigation to collect a debt,
  • enforce a security interest through a repossession or foreclosure,
  • report past due debt to a credit reporting agency,
  • seize assets, or
  • terminate utility service.

The bill also prohibits during this period a confession of judgment or similar agreement as a condition to a loan or extension of credit. (A confession of judgment is an agreement to a judgment of liability without notice and opportunity to be heard in court in the event of the default of a borrower.)

Current Status of Bill HR 6423

Bill HR 6423 is currently in the status of Bill Introduced since March 31, 2020. Bill HR 6423 was introduced during Congress 116 and was introduced to the House on March 31, 2020.  Bill HR 6423's most recent activity was Referred to the House Committee on Financial Services. as of March 31, 2020

Bipartisan Support of Bill HR 6423

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
3
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6423

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Cardiovascular and respiratory health
- Civil actions and liability
- Consumer credit
- Debt collection
- Emergency medical services and trauma care
- Infectious and parasitic diseases
- Interest, dividends, interest rates
- Small business
- Social work, volunteer service, charitable organizations

Alternate Title(s) of Bill HR 6423

To provide for a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes.
To provide for a temporary debt collection moratorium during the COVID-19 emergency period, and for other purposes.

Comments