Small Business Lending Disclosure and Broker Regulation Act of 2020
Bill journey · stage 2 of 5
Under committee review
What it doesSummary 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.
What just happenedJul 30, 2020
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseJul 30, 2020
- Jul 30, 2020IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Jul 30, 2020IntroReferralIntro-H
Introduced in House
- Jul 30, 2020IntroReferral1000
Introduced in House