H.R. 5600 · 113th Congress
Franchise Financing Improvement Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GravesSponsorNo cosponsors.
Franchise Financing Improvement Act of 2014 - Amends the Small Business Act to direct the Administrator of the Small Business Administration (SBA) to make financial assistance available to franchisees under the Act or the Small Business Investment Act of 1958 if the franchisee is not affiliated with the franchisor.
What it does: CRS summary · Introduced in House · Sep 18, 2014
Franchise Financing Improvement Act of 2014 - Amends the Small Business Act to direct the Administrator of the Small Business Administration (SBA) to make financial assistance available to franchisees under the Act or the Small Business Investment Act of 1958 if the franchisee is not affiliated with the franchisor.
Declares that a franchisee shall not be considered affiliated with the franchisor if:
- the franchisor has filed a disclosure document pursuant to specified federal regulations; and
- the franchisee, upon default on a loan (whether guaranteed by the SBA or not), has no ability to obtain financial assistance from the franchisor to repay the loan.
Declares further that a franchisor's authority to repurchase the franchise for noncompliance with its terms and conditions, or to have the right of first refusal to purchase it from the franchisee, shall not be considered financial assistance to repay loans issued to the franchisee.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Franchise Financing Improvement Act of 2014
Latest action (Sep 18, 2014): Referred to the House Committee on Small Business.
Policy area: Commerce · Origin: House · Introduced: Sep 18, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.