Relief for Consumers During COVID-19 Act of 2020
This bill places restrictions on the collection of consumer debts during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Among other things, debt collectors may not during such a period
enforce a security interest through a repossession or foreclosure, commence or continue litigation to collect a debt, terminate utility service, seize assets, commence or continue an eviction, or charge fees or apply a higher interest rate as a result of nonpayment. After such a period, debt collectors must provide certain repayment options including extending the repayment period for debts.
Violations of these provisions are subject to civil enforcement.
The Federal Reserve Board must establish a facility to compensate financial institutions for losses caused by the suspension of payments.
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