H.R. 1151 · 117th Congress
CPR Fund Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LynchSponsorNo cosponsors.
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
What it does: CRS summary · Introduced in House · Feb 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CPR Fund Act
Also known as: Consumer Protection Relief Fund Act
Latest action (Feb 18, 2021): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Feb 18, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.