,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hheg ,,in ,,the ,,house ,,of ,,representatives ,december #c1 #bjbj,mr4 ,lynch introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to establish a ,consumer ,protection ,relief ,fund to empower lenders to deploy credit to vulnerable borrowers needing access to credit as a result of the ,,covid-#ai pandemic4 #a4 ,short title ,this ,act may be cited as the ,consumer ,protection ,relief ,fund ,act or the ,,cpr ,fund ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,administrator ,the term ,administrator means the ,administrator of the ,,cdfi ,fund4 7#b7 ,,cdfi ,fund ,the term ,,cdfi ,fund means the ,community ,development ,financial ,institutions ,fund4 7#c7 ,closed-end installment loan ,the term closed-end installment loan-- 7,a7 means a loan-- 7i7 extended at a set amount2 and 7ii7 repaid by the borrower with a fixed amount over a limited number of payment periods2 and 7,b7 does not include a student1 auto1 or mortgage loan4 7#d7 ,fund ,the term ,fund means the ,consumer ,protection ,relief ,fund established under section #c4 7#e7 ,covered amount 7,a7 ,in general ,with respect to a qualified loan1 the term covered amount means-- 7i7 #ie percent of the outstanding principal balance and accrued interest on the loan 7not including any late payment or other fees charged to the loan71 minus 7ii7 any previously charged fees above #cf percent of the annual percentage rate4 7,b7 ,calculation of ,,apr ,for purposes of subparagraph 7,a71 the annual percentage rate shall be calculated using the method provided under section #bcb4d7;c7 of title #cb1 ,code of ,federal ,regulations1 for the calculation of the military annual percentage rate4 7#f7 ,qualified loan ,the term qualified loan means an extension of a closed-end installment loan-- 7,a7 to a vulnerable borrower2 7,b7 with respect to which the borrower has made an attestation to the holder of the loan that the borrower is experiencing financial difficulty in repaying the loan due to the impact of ,,covid-#ai2 and 7,c7 under which the loan terms-- 7i7 do not contain negative amortization1 interest-only payments1 or balloon payments2 7ii7 do not provide for an automatic renewal2 and 7iii7 do not contain a prepayment penalty4 7#g7 ,vulnerable borrower ,the term vulnerable borrower means a consumer who-- 7,a7 has an income that is #hj percent or less of the median income for the area in which the consumer lives2 7,b7 has-- 7i7 a ,,fico score under #fge2 7ii7 an adjusted gross income of-- 7,i7 #ge1jjj1 or less1 in the case of an individual tax return filer2 7,,ii7 #aej1jjj1 or less1 in the case of a joint return filer2 or 7,,iii7 #aab1ejj1 or less1 in the case of an individual filing as a head of household2 7,c7 attests to the holder of a qualified loan that the consumer is unemployed2 or 7,d7 is a seasonal or temporary worker4 #c4 ,,cpr ,fund 7a7 ,establishment ,there is established the ,consumer ,protection ,relief ,fund1 which shall be used by the ,administrator to make payments to holders of qualified loans under section #d4 7b7 ,use of outside entities ,in carrying out this ,act1 the ,administrator may-- 7#a7 consult with other agencies of the ,federal ,government2 and 7#b7 enter into contracts with private sector entities1 at reasonable or market rates4 7c7 ,rulemaking ,the ,administrator shall issue such rules as may be necessary to carry out this ,act4 7d7 ,funding 7#a7 ,appropriation ,there is appropriated to the ,fund1 out of any amounts in the ,treasury not otherwise appropriated1 for the fiscal year ending ,september #cj1 #bjbj1 to remain available until ,september #cj1 #bjba1 #aj1jjj1jjj1jjj for the cost of making payments to holders of qualified loans under this ,act and the cost of administering this ,act4 7#b7 ,use of funds after the program 7,a7 ,in general ,any amounts appropriated under paragraph 7#a7 that have not been obligated by the date described under subparagraph 7,b7 shall be transferred to the ,,cdfi ,fund and used by the ,administrator to-- 7i7 extend or promote access to responsible lending2 7ii7 develop technology resources2 7iii7 hire necessary staff2 or 7iv7 extend credit to community development financial institutions4 7,b7 ,date ,the date described in this subparagraph is the later of-- 7i7 ,december #ca1 #bjba2 and 7ii7 the date on which the ,administrator determines that the national unemployment rate has been #h percent or less for a period of #ij days4 #d4 ,payments with respect to qualified loans 7a7 ,in general ,the ,administrator shall make payments to holders of qualified loans-- 7#a7 upon submission of the qualified loans to the ,administrator2 and 7#b7 after the ,administrator determines such loans are compliant with this ,act4 7b7 ,limitations on amount 7#a7 ,maximum amount ,the amount of a payment described under subsection 7a7 shall not exceed the covered amount4 7#b7 ,aggregate limitation per individual ,the aggregate amount of payments made under this ,act with respect to a single vulnerable borrower may not exceed #i1ejj4 7c7 ,requirements on holders of qualified loans 7#a7 ,administrator fee ,with respect to any payments to holders of a qualified loan under this ,act1 the ,administrator shall charge the holders of the loan a fee equal to #e percent of the outstanding principal and interest due on the loan at the time the payment is made4 7#b7 ,requirements before payment ,no person may receive a payment under this ,act with respect to a qualified loan unless they comply with the following3 7,a7 ,at the time of the payment1 the person commits to issuing or purchasing other qualified loans in an amount that is at least equal in value to the amount of such payment received4 7,b7 ,the person forgives the remaining balance on the loan1 along with any late fees or other fees related to the loan4 7,c7 ,the person terminates any negative reporting to consumer reporting agencies with respect to the loan4 7,d7 ,with respect to the borrower of the qualified loan1 if the borrower applies for an extension of credit in the future1 the person shall not take the borrower's performance on the qualified loan into consideration for purposes of performing underwriting for such application4 7,e7 ,the person provides for either forbearance or deferral options for distressed borrowers4 #e4 ,notification to borrower before certain transfers of or collections on a qualified loan 7a7 ,in general ,with respect to any qualified loan 7regardless of whether a payment is made with respect to the qualified loan under this ,act71 the holder of the qualified loan may not sell or otherwise transfer the loan1 or attempt to collect on the loan if it is in default or delinquency1 unless the holder has notified the borrower of the possibility of a payment under this ,act4 7b7 ,termination ,this section shall have no force or effect after the date described under section #c7;d77#b77;,b74