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.
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