House Bill 7889
116th Congress(2019-2020)
Small Business Lending Disclosure and Broker Regulation Act of 2020
Introduced
Introduced in House on Jul 30, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7889
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No House votes have been held for this bill.
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.
July 30, 2020
07/30/2020
Referred to the House Committee on Financial Services.
07/30/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:45:46 PM