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- H.R.6795
H.R.6795: To prohibit confessions of judgment in connection with the extension of covered credit or creation of covered debt, and for other purposes.
About This Bill
- Introduced May 8, 2020
- Latest Major Action May 8, 2020
Bill Sponsor
Bill Cosponsor
Bill Version
- Introduced in House - May 8, 2020
Bill Summary
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.)
(Source: Library of Congress)
Bill Actions
Date | Description |
---|---|
May 8, 2020 |
Referred to the House Committee on Financial Services.
|
May 8, 2020 |
Introduced in the House by Nydia M. Velázquez (D-N.Y.) |