Types of Moratoriums
1. General Moratorium: A general moratorium is the temporary suspension of a national or regional law or rule. Usually, a government imposes it in reaction to a crisis—like a natural disaster or an economic downturn. For instance, in order to keep people from losing their houses during the COVID-19 epidemic, several governments implemented universal moratoriums on evictions.
2. Specific Moratorium: It is a brief halt to the application of a law or rule that affects a particular set of individuals or activities. It is frequently employed to permit further research or discussion on a subject. For instance, while creating a new zoning plan, a city council may decide to put a specific moratorium on new building projects in a particular neighborhood.
3. Debt Moratorium: A temporary halt to debt payments is known as a debt moratorium. Either the government or a commercial lender may impose it. During a recession, for instance, a government could put a debt moratorium on student loans.
4. Loan Moratorium: A particular kind of debt moratorium that is applicable to loans is called a loan moratorium. It is frequently used to help borrowers make up for missing payments or keep their loans from going into default.
5. Legislative Moratorium: A legislative moratorium is a brief halt to a measure that a legislature is debating. It is frequently employed to permit more discussion or legal modifications.