US HB6795 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on May 8 2020 - 25% progression, died in committee
Action: 2020-05-08 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Prohibits a confession of judgment or similar agreement as a condition to a loan or extension of credit of $2 million or less during the COVID-19 (i.e., coronavirus disease 2019) emergency period and for 120 days following. (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.)

Tracking Information

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Title

To prohibit confessions of judgment in connection with the extension of covered credit or creation of covered debt, and for other purposes.

Sponsors


History

DateChamberAction
2020-05-08HouseReferred to the House Committee on Financial Services.
2020-05-08HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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