ing a dispute as to the applicability of this section, 
which shall be determined under Federal law. 
(f) TOLLING.—Except as provided in subsection 
(g)(5), any applicable time limitations, including statutes 
of limitations, related to a debt under Federal or State 
law shall be tolled during the COVID–19 emergency. 
(g) CLAIMS OF AFFECTED CREDITORS AND DEBT 
COLLECTORS.— 
(1) VALUATION OF PROPERTY.—With respect 
to any action asserting a taking under the Fifth 
Amendment of the Constitution of the United States 
as a result of this section or seeking a declaratory 
judgment regarding the constitutionality of this sec-
tion, the value of the property alleged to have been 
taken without just compensation shall be evalu-
ated— 
(A) with consideration of the likelihood of 
full and timely payment of the obligation with-
out the actions taken pursuant to this section; 
and 
(B) without consideration of any assistance 
provided directly or indirectly to the consumer 
from other Federal, State, and local govern-
ment programs instituted or legislation enacted 
in response to the COVID–19 emergency. 
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(2) SCOPE OF JUST COMPENSATION.—In an ac-
tion described in paragraph (1), any assistance or 
benefit provided directly or indirectly to the person 
from other Federal, State, and local government 
programs instituted in or legislation enacted re-
sponse to the COVID–19 emergency, shall be 
deemed to be compensation for the property taken, 
even if such assistance or benefit is not specifically 
provided as compensation for property taken by this 
section. 
(3) APPEALS.—Any appeal from an action 
under this section shall be treated under section 158 
of title 28, United States Code, as if it were an ap-
peal in a case under title 11, United States Code. 
(4) REPOSE.—Any action asserting a taking 
under the Fifth Amendment to the Constitution of 
the United States as a result of this section shall be 
brought within not later than 180 days after the end 
of the COVID–19 emergency. 
(5) SEVERABILITY.—If any provision of this 
section or the application of such provision to any 
person or circumstance is held to be invalid or un-
constitutional, the remainder of this section and the 
application of the provisions of this section to any 
person or circumstance shall not be affected thereby. 
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(h) DEFINITIONS.—In this section: 
(1) CONSUMER.—The term ‘‘consumer’’ means 
any individual obligated or allegedly obligated to pay 
any debt. 
(2) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the period that be-
gins upon the date of the enactment of this Act and 
ends on the date of the termination by the Federal 
Emergency Management Agency of the emergency 
declared on March 13, 2020, by the President under 
the Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 4121 et seq.) relat-
ing to the Coronavirus Disease 2019 (COVID–19) 
pandemic. 
(3) CREDITOR.—The term ‘‘creditor’’ means— 
(A) any person who offers or extends cred-
it creating a debt or to whom a debt is owed 
or other obligation for payment; 
(B) any lessor of real or personal property; 
or 
(C) any provider of utility services. 
(4) DEBT.—The term ‘‘debt’’— 
(A) means any past due obligation or al-
leged past due obligation that— 
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(i) was created before the COVID–19 
emergency, whether or not such obligation 
has been reduced to judgment; and 
(ii) arises out of a transaction with a 
consumer in which the money, property, 
insurance or services which are the subject 
of the transaction, are primarily for per-
sonal, family, or household purposes; and 
(B) does not include a federally related 
mortgage loan. 
(5) DEBT COLLECTOR.—The term ‘‘debt col-
lector’’ means a creditor, and any person or entity 
that engages in the collection of debt, including the 
Federal Government and a State government, irre-
spective of whether the debt is allegedly owed to or 
assigned to that person or to the entity. 
(6) FEDERALLY RELATED MORTGAGE LOAN.— 
The term ‘‘federally related mortgage loan’’ has the 
meaning given that term under section 3 of the Real 
Estate Settlement Procedures Act of 1974 (12 
U.S.C. 2602). 
SEC. 3. CREDIT FACILITY FOR OTHER PURPOSES. 
(a) ESTABLISHMENT.—The Board of Governors of 
the Federal Reserve System shall establish a facility that 
the Board of Governors shall use to make payments to 
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covered financial institutions to compensate such institu-
tions for documented financial losses caused by the sus-
pension of payments required under section 2. 
(b) COVERED FINANCIAL INSTITUTION DEFINED.— 
In this section, the term ‘‘covered financial institution’’ 
means the holder of a loan described under section 2. 
Æ 
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