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CPR Fund Act

USA117th CongressHR-1151| House 
| Updated: 2/18/2021
Stephen F. Lynch

Stephen F. Lynch

Democratic Representative

Massachusetts

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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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Timeline

Bill from Previous Congress

HR 116-8857
CPR Fund Act
Feb 18, 2021
Introduced in House
Feb 18, 2021
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-8857
    CPR Fund Act


  • February 18, 2021
    Introduced in House


  • February 18, 2021
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

AppropriationsCardiovascular and respiratory healthConsumer creditDebt collectionEmergency medical services and trauma careGovernment trust fundsInfectious and parasitic diseasesInterest, dividends, interest ratesTemporary and part-time employment

CPR Fund Act

USA117th CongressHR-1151| House 
| Updated: 2/18/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-8857
CPR Fund Act
Feb 18, 2021
Introduced in House
Feb 18, 2021
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-8857
    CPR Fund Act


  • February 18, 2021
    Introduced in House


  • February 18, 2021
    Referred to the House Committee on Financial Services.
Stephen F. Lynch

Stephen F. Lynch

Democratic Representative

Massachusetts

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AppropriationsCardiovascular and respiratory healthConsumer creditDebt collectionEmergency medical services and trauma careGovernment trust fundsInfectious and parasitic diseasesInterest, dividends, interest ratesTemporary and part-time employment