H.R. 471 · 115th Congress
Small Business Administration Franchise Loan Transparency Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
EllisonSponsor4 cosponsors · 4 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Administration Franchise Loan Transparency Act of 2017
What it does: CRS summary · Introduced in House · Jan 12, 2017
Small Business Administration Franchise Loan Transparency Act of 2017
This bill requires a franchisor, except one with a franchise in the lodging industry, to disclose in the required Federal Trade Commission disclosure document:
- the average first-year revenue for all franchise locations for each of the preceding five years of operation;
- the number of franchise locations that went out of business or were sold by the franchisee during the first year of operation for each such period; and
- the average revenues for all locations of the franchise for each such period, aggregated to show the top 25%, middle 50%, and the bottom 25% of revenue.
Any financial information relating to the performance of any franchise's location provided by the franchisor, or its representatives, to the lender for the purpose of qualifying the loan, must be disclosed to the prospective franchisee borrower.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Administration Franchise Loan Transparency Act of 2017
Latest action (Jan 25, 2017): Referred to the Subcommittee on Digital Commerce and Consumer Protection.
Policy area: Commerce · Origin: House · Introduced: Jan 12, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.