HR 471
115th Congress
House
Commerce
Business records
Contracts and agency
Credit and credit markets
Government information and archives
Government lending and loan guarantees
Retail and wholesale trades
Service industries
Small business
Small Business Administration Franchise Loan Transparency Act of 2017
Introduced: January 12, 2017
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 25, 2017
Referred to the Subcommittee on Digital Commerce and Consumer Protection.
Jan 12, 2017
Referred to the House Committee on Energy and Commerce.
Jan 12, 2017
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the Subcommittee on Digital Commerce and Consumer Protection.
Committees of jurisdiction
2