Council urges banks, public utilities to halt customer defaults

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MONTGOMERY COUNTY, Md. (WDVM) — The Montgomery County Council is urging banks, public utilities and financial institutions to put a halt on customer defaults for 60 days.

Though the council doesn’t have the power to force companies to allow a moratorium on defaults, they’re asking corporations to ease the financial hardship some residents and business owners are facing as a result of the coronavirus outbreak.

Some public utilities have made similar moves already, but the council encourages them to keep the policy in place for at least two months.

“My colleagues and I think it’s very important to send a message to the banks and financial institutions to give a two-month reprieve and to not start proceedings where people would be forced out of their homes, where people will be forced to shut down their businesses,” said councilmember Evan Glass.

The council hopes the institutions are able to take their time in making a decision.

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