US HB7889 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 30 2020 - 25% progression, died in committee
Action: 2020-07-30 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 30 2020 - 25% progression, died in committee
Action: 2020-07-30 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Small Business Lending Disclosure and Broker Regulation Act of 2020
Sponsors
| Rep. Nydia Velazquez [D-NY] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-07-30 | House | Referred to the House Committee on Financial Services. |
| 2020-07-30 | House | Introduced in House |
Subjects
Banking and financial institutions regulation
Business records
Civil actions and liability
Consumer affairs
Consumer Financial Protection Bureau
Contracts and agency
Credit and credit markets
Executive agency funding and structure
Finance and financial sector
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
Business records
Civil actions and liability
Consumer affairs
Consumer Financial Protection Bureau
Contracts and agency
Credit and credit markets
Executive agency funding and structure
Finance and financial sector
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
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/house-bill/7889/all-info |
| Text | https://www.congress.gov/116/bills/hr7889/BILLS-116hr7889ih.pdf |
