(2) CDFI FUND.—The term ‘‘CDFI Fund’’ 
means the Community Development Financial Insti-
tutions Fund. 
(3) CLOSED-END
INSTALLMENT
LOAN.—The 
term ‘‘closed-end installment loan’’— 
(A) means a loan— 
(i) extended at a set amount; and 
(ii) repaid by the borrower with a 
fixed amount over a limited number of 
payment periods; and 
(B) does not include a student, auto, or 
mortgage loan. 
(4) FUND.—The term ‘‘Fund’’ means the Con-
sumer Protection Relief Fund established under sec-
tion 3. 
(5) COVERED AMOUNT.— 
(A) IN GENERAL.—With respect to a quali-
fied loan, the term ‘‘covered amount’’ means— 
(i) 95 percent of the outstanding prin-
cipal balance and accrued interest on the 
loan (not including any late payment or 
other fees charged to the loan), minus 
(ii) any previously charged fees above 
36 percent of the annual percentage rate. 
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(B) CALCULATION OF APR.—For purposes 
of subparagraph (A), the annual percentage 
rate shall be calculated using the method pro-
vided under section 232.4(c) of title 32, Code of 
Federal Regulations, for the calculation of the 
military annual percentage rate. 
(6) QUALIFIED
LOAN.—The term ‘‘qualified 
loan’’ means an extension of a closed-end installment 
loan— 
(A) to a vulnerable borrower; 
(B) with respect to which the borrower has 
made an attestation to the holder of the loan 
that the borrower is experiencing financial dif-
ficulty in repaying the loan due to the impact 
of COVID–19; and 
(C) under which the loan terms— 
(i) do not contain negative amortiza-
tion, interest-only payments, or balloon 
payments; 
(ii) do not provide for an automatic 
renewal; and 
(iii) do not contain a prepayment pen-
alty. 
(7) VULNERABLE BORROWER.—The term ‘‘vul-
nerable borrower’’ means a consumer who— 
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(A) has an income that is 80 percent or 
less of the median income for the area in which 
the consumer lives; 
(B) has— 
(i) a FICO score under 675; 
(ii) an adjusted gross income of— 
(I) $75,000, or less, in the case 
of an individual tax return filer; 
(II) $150,000, or less, in the case 
of a joint return filer; or 
(III) $112,500, or less, in the 
case of an individual filing as a head 
of household; 
(C) attests to the holder of a qualified loan 
that the consumer is unemployed; or 
(D) is a seasonal or temporary worker. 
SEC. 3. CPR FUND. 
(a) ESTABLISHMENT.—There is established the Con-
sumer Protection Relief Fund, which shall be used by the 
Administrator to make payments to holders of qualified 
loans under section 4. 
(b) USE OF OUTSIDE ENTITIES.—In carrying out 
this Act, the Administrator may— 
(1) consult with other agencies of the Federal 
Government; and 
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(2) enter into contracts with private sector enti-
ties, at reasonable or market rates. 
(c) RULEMAKING.—The Administrator shall issue 
such rules as may be necessary to carry out this Act. 
(d) FUNDING.— 
(1) APPROPRIATION.—There is appropriated to 
the Fund, out of any amounts in the Treasury not 
otherwise appropriated, for the fiscal year ending 
September 30, 2021, to remain available until Sep-
tember 30, 2022, $10,000,000,000 for the cost of 
making payments to holders of qualified loans under 
this Act and the cost of administering this Act. 
(2) USE OF FUNDS AFTER THE PROGRAM.— 
(A) IN
GENERAL.—Any amounts appro-
priated under paragraph (1) that have not been 
obligated by the date described under subpara-
graph (B) shall be transferred to the CDFI 
Fund and used by the Administrator to— 
(i) extend or promote access to re-
sponsible lending; 
(ii) develop technology resources; 
(iii) hire necessary staff; or 
(iv) extend credit to community devel-
opment financial institutions. 
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(B) DATE.—The date described in this 
subparagraph is the later of— 
(i) December 31, 2021; and 
(ii) the date on which the Adminis-
trator determines that the national unem-
ployment rate has been 8 percent or less 
for a period of 90 days. 
SEC. 4. PAYMENTS WITH RESPECT TO QUALIFIED LOANS. 
(a) IN GENERAL.—The Administrator shall make 
payments to holders of qualified loans— 
(1) upon submission of the qualified loans to 
the Administrator; and 
(2) after the Administrator determines such 
loans are compliant with this Act. 
(b) LIMITATIONS ON AMOUNT.— 
(1) MAXIMUM AMOUNT.—The amount of a pay-
ment described under subsection (a) shall not exceed 
the covered amount. 
(2) 
AGGREGATE
LIMITATION
PER
INDI-
VIDUAL.—The aggregate amount of payments made 
under this Act with respect to a single vulnerable 
borrower may not exceed $9,500. 
(c) REQUIREMENTS
ON HOLDERS
OF QUALIFIED 
LOANS.— 
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(1) ADMINISTRATOR FEE.—With respect to any 
payments to holders of a qualified loan under this 
Act, the Administrator shall charge the holders of 
the loan a fee equal to 5 percent of the outstanding 
principal and interest due on the loan at the time 
the payment is made. 
(2) REQUIREMENTS
BEFORE
PAYMENT.—No 
person may receive a payment under this Act with 
respect to a qualified loan unless they comply with 
the following: 
(A) At the time of the payment, the person 
commits to issuing or purchasing other quali-
fied loans in an amount that is at least equal 
in value to the amount of such payment re-
ceived. 
(B) The person forgives the remaining bal-
ance on the loan, along with any late fees or 
other fees related to the loan. 
(C) The person terminates any negative re-
porting to consumer reporting agencies with re-
spect to the loan. 
(D) With respect to the borrower of the 
qualified loan, if the borrower applies for an ex-
tension of credit in the future, the person shall 
not take the borrower’s performance on the 
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qualified loan into consideration for purposes of 
performing underwriting for such application. 
(E) The person provides for either forbear-
ance or deferral options for distressed bor-
rowers. 
SEC. 5. NOTIFICATION TO BORROWER BEFORE CERTAIN 
TRANSFERS 
OF 
OR 
COLLECTIONS 
ON 
A 
QUALIFIED LOAN. 
(a) IN GENERAL.—With respect to any qualified loan 
(regardless of whether a payment is made with respect to 
the qualified loan under this Act), the holder of the quali-
fied loan may not sell or otherwise transfer the loan, or 
attempt to collect on the loan if it is in default or delin-
quency, unless the holder has notified the borrower of the 
possibility of a payment under this Act. 
(b) TERMINATION.—This section shall have no force 
or effect after the date described under section 3(d)(2)(B). 
Æ 
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