This bill addresses mortgage and loan forbearance, rent suspension, and consumer reporting in response to the economic impacts of the coronavirus disease 2019 pandemic. It allows property owners to request a mortgage forbearance for a period of 90 days, with the possibility of a subsequent 90-day extension, totaling up to 180 days, without needing to prove economic hardship. During the forbearance, the repayment period will be extended by the duration of the forbearance, and no fees or penalties will be assessed. Additionally, landlords are required to suspend rent for residential and small business tenants upon request, also for 90 days with a potential extension, and tenants are not required to pay fees related to the suspension or the balance of suspended rent at the end of the period.

Furthermore, the bill stipulates that no adverse information related to the pandemic can be included in consumer reports for affected individuals who notify the reporting agencies. Affected persons can request that any adverse information be disregarded for a specified period, and agencies must respond within five days. The bill mandates the Commissioner of Community Affairs and the Commissioner of Banking and Insurance to adopt necessary regulations to implement these provisions within one month of the act's effective date, which is retroactive to March 9, 2020.