To prohibit confessions of judgment in connection with the extension of covered credit or creation of covered debt, and for other purposes.
USA116th CongressHR-6795| House
| Updated: 5/8/2020
Nydia M. Velázquez
Democratic Representative
New York
Cosponsors (1)
Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
This bill 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.)
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Cardiovascular and respiratory healthCivil actions and liabilityConsumer creditCredit and credit marketsDebt collectionEmergency medical services and trauma careInfectious and parasitic diseases
To prohibit confessions of judgment in connection with the extension of covered credit or creation of covered debt, and for other purposes.
USA116th CongressHR-6795| House
| Updated: 5/8/2020
This bill 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.)
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Nydia M. Velázquez
Democratic Representative
New York
Cosponsors (1)
Financial Services Committee
Finance and Financial Sector
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Cardiovascular and respiratory healthCivil actions and liabilityConsumer creditCredit and credit marketsDebt collectionEmergency medical services and trauma careInfectious and parasitic diseases