H.R. 7889 · 116th Congress
Small Business Lending Disclosure and Broker Regulation Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
VelázquezSponsorNo cosponsors.
Small Business Lending Disclosure and Broker Regulation Act of 2020
What it does: CRS summary · Introduced in House · Jul 30, 2020
Small Business Lending Disclosure and Broker Regulation Act of 2020
This bill applies specified commercial lending protections to small business lending and extends the Consumer Financial Protection Bureau's regulatory authority regarding consumer financial products and services to include small business financing. Among other requirements, lenders offering financial products to small businesses must disclose the terms of the financing upon extending an offer and are prohibited from charging certain additional fees on a refinanced or modified loan.
Additionally, the bill establishes an Office of Broker Regulation within the bureau to regulate brokers of small business financing.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Lending Disclosure and Broker Regulation Act of 2020
Latest action (Jul 30, 2020): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 30, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.