,i #aaf? ,,congress #b;d ,session ,h4 ,r4 #hheg ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #c1 #bjbj,mr4 ,lyn* introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to e/abli% a ,consum] ,protection ,relief ,fund to emp[] l5d]s to deploy cr$it to vuln]able borr[]s ne$+ access to cr$it z a result ( ! ,,covid-#ai p&emic4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,protection ,relief ,fund ,act or ! ,,cpr ,fund ,act4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,,cdfi ,fund4 7#b7 ,,cdfi ,fund ,! t]m ,,cdfi ,fund means ! ,community ,developm5t ,f9ancial ,in/itutions ,fund4 7#c7 ,clos$-end in/allm5t loan ,! t]m clos$-end in/allm5t loan-- 7,a7 means a loan-- 7i7 ext5d$ at a set am\nt2 & 7ii7 repaid by ! borr[] ) a fix$ am\nt ov] a limit$ numb] ( paym5t p]iods2 & 7,b7 does n include a /ud5t1 auto1 or mortgage loan4 7#d7 ,fund ,! t]m ,fund means ! ,consum] ,protection ,relief ,fund e/abli%$ "u section #c4 7#e7 ,cov]$ am\nt 7,a7 ,9 g5]al ,) respect to a qualifi$ loan1 ! t]m cov]$ am\nt means-- 7i7 #ie p]c5t ( ! out/&+ pr9cipal balance & accru$ int]e/ on ! loan 7n includ+ any late paym5t or o!r fees *>g$ to ! loan71 m9us 7ii7 any previ\sly *>g$ fees above #cf p]c5t ( ! annual p]c5tage rate4 7,b7 ,calculation ( ,,apr ,= purposes ( subp>agraph 7,a71 ! annual p]c5tage rate %all be calculat$ us+ ! me?od provid$ "u section #bcb4d7;c7 ( title #cb1 ,code ( ,f$]al ,regulations1 = ! calculation ( ! milit>y annual p]c5tage rate4 7#f7 ,qualifi$ loan ,! t]m qualifi$ loan means an ext5sion ( a clos$-end in/allm5t loan-- 7,a7 to a vuln]able borr[]2 7,b7 ) respect to :i* ! borr[] has made an atte/ation to ! hold] ( ! loan t ! borr[] is exp]i5c+ f9ancial difficulty 9 repay+ ! loan due to ! impact ( ,,covid-#ai2 & 7,c7 "u :i* ! loan t]ms-- 7i7 d n conta9 negative amortization1 int]e/-only paym5ts1 or balloon paym5ts2 7ii7 d n provide = an automatic r5ewal2 & 7iii7 d n conta9 a prepaym5t p5alty4 7#g7 ,vuln]able borr[] ,! t]m vuln]able borr[] means a consum] :o-- 7,a7 has an income t is #hj p]c5t or less ( ! m$ian income = ! area 9 :i* ! consum] lives2 7,b7 has-- 7i7 a ,,fico score "u #fge2 7ii7 an adju/$ gross income (-- 7,i7 #ge1jjj1 or less1 9 ! case ( an individual tax return fil]2 7,,ii7 #aej1jjj1 or less1 9 ! case ( a jo9t return fil]2 or 7,,iii7 #aab1ejj1 or less1 9 ! case ( an individual fil+ z a head ( h\sehold2 7,c7 atte/s to ! hold] ( a qualifi$ loan t ! consum] is unemploy$2 or 7,d7 is a seasonal or tempor>y work]4 #c4 ,,cpr ,fund 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,consum] ,protection ,relief ,fund1 :i* %all be us$ by ! ,adm9i/rator to make paym5ts to hold]s ( qualifi$ loans "u section #d4 7b7 ,use ( outside entities ,9 c>ry+ out ?is ,act1 ! ,adm9i/rator may-- 7#a7 consult ) o!r ag5cies ( ! ,f$]al ,gov]nm5t2 & 7#b7 ent] into contracts ) private sector entities1 at reasonable or m>ket rates4 7c7 ,rulemak+ ,! ,adm9i/rator %all issue su* rules z may be necess>y to c>ry out ?is ,act4 7d7 ,fund+ 7#a7 ,appropriation ,!re is appropriat$ to ! ,fund1 out ( any am\nts 9 ! ,treasury n o!rwise appropriat$1 = ! fiscal ye> end+ ,septemb] #cj1 #bjbj1 to rema9 available until ,septemb] #cj1 #bjba1 #aj1jjj1jjj1jjj = ! co/ ( mak+ paym5ts to hold]s ( qualifi$ loans "u ?is ,act & ! co/ ( adm9i/]+ ?is ,act4 7#b7 ,use ( funds aft] ! program 7,a7 ,9 g5]al ,any am\nts appropriat$ "u p>agraph 7#a7 t h n be5 obligat$ by ! date describ$ "u subp>agraph 7,b7 %all be transf]r$ to ! ,,cdfi ,fund & us$ by ! ,adm9i/rator to-- 7i7 ext5d or promote access to responsible l5d+2 7ii7 develop te*nology res\rces2 7iii7 hire necess>y /aff2 or 7iv7 ext5d cr$it to community developm5t f9ancial in/itutions4 7,b7 ,date ,! date describ$ 9 ?is subp>agraph is ! lat] (-- 7i7 ,decemb] #ca1 #bjba2 & 7ii7 ! date on :i* ! ,adm9i/rator det]m9es t ! national unemploym5t rate has be5 #h p]c5t or less = a p]iod ( #ij days4 #d4 ,paym5ts ) respect to qualifi$ loans 7a7 ,9 g5]al ,! ,adm9i/rator %all make paym5ts to hold]s ( qualifi$ loans-- 7#a7 ^u submission ( ! qualifi$ loans to ! ,adm9i/rator2 & 7#b7 aft] ! ,adm9i/rator det]m9es su* loans are compliant ) ?is ,act4 7b7 ,limitations on am\nt 7#a7 ,maximum am\nt ,! am\nt ( a paym5t describ$ "u subsection 7a7 %all n exce$ ! cov]$ am\nt4 7#b7 ,aggregate limitation p] individual ,! aggregate am\nt ( paym5ts made "u ?is ,act ) respect to a s+le vuln]able borr[] may n exce$ #i1ejj4 7c7 ,requirem5ts on hold]s ( qualifi$ loans 7#a7 ,adm9i/rator fee ,) respect to any paym5ts to hold]s ( a qualifi$ loan "u ?is ,act1 ! ,adm9i/rator %all *>ge ! hold]s ( ! loan a fee equal to #e p]c5t ( ! out/&+ pr9cipal & int]e/ due on ! loan at ! "t ! paym5t is made4 7#b7 ,requirem5ts be=e paym5t ,no p]son may receive a paym5t "u ?is ,act ) respect to a qualifi$ loan unless !y comply ) ! foll[+3 7,a7 ,at ! "t ( ! paym5t1 ! p]son commits to issu+ or pur*as+ o!r qualifi$ loans 9 an am\nt t is at lea/ equal 9 value to ! am\nt ( su* paym5t receiv$4 7,b7 ,! p]son =gives ! rema9+ balance on ! loan1 along ) any late fees or o!r fees relat$ to ! loan4 7,c7 ,! p]son t]m9ates any negative report+ to consum] report+ ag5cies ) respect to ! loan4 7,d7 ,) respect to ! borr[] ( ! qualifi$ loan1 if ! borr[] applies = an ext5sion ( cr$it 9 ! future1 ! p]son %all n take ! borr[]'s p]=mance on ! qualifi$ loan into consid]ation = purposes ( p]=m+ und]writ+ = su* application4 7,e7 ,! p]son provides = ei!r =be>ance or def]ral options = di/ress$ borr[]s4 #e4 ,notification to borr[] be=e c]ta9 transf]s ( or collections on a qualifi$ loan 7a7 ,9 g5]al ,) respect to any qualifi$ loan 7reg>dless ( :e!r a paym5t is made ) respect to ! qualifi$ loan "u ?is ,act71 ! hold] ( ! qualifi$ loan may n sell or o!rwise transf] ! loan1 or attempt to collect on ! loan if x is 9 default or del9qu5cy1 unless ! hold] has notifi$ ! borr[] ( ! possibility ( a paym5t "u ?is ,act4 7b7 ,t]m9ation ,?is section %all h no =ce or effect aft] ! date describ$ "u section #c7;d77#b77;,b74