HR 7889
116th Congress
House
Finance and Financial Sector
Banking and financial institutions regulation
Business records
Civil actions and liability
Consumer Financial Protection Bureau
Consumer affairs
Contracts and agency
Credit and credit markets
Executive agency funding and structure
Financial services and investments
Fraud offenses and financial crimes
Interest, dividends, interest rates
Licensing and registrations
Small business
State and local government operations
User charges and fees
Small Business Lending Disclosure and Broker Regulation Act of 2020
Introduced: July 30, 2020
Introduced by:
Velázquez, Nydia M.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 2020
Referred to the House Committee on Financial Services.
Jul 30, 2020
Introduced in House
Plain-English summary
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.
What's happening now
Referred to the House Committee on Financial Services.
Committees of jurisdiction
1