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116-hr-7889116th Congress

Small Business Lending Disclosure and Broker Regulation Act of 2020

Sponsored By: Representative Velázquez, Nydia M. [D-NY-7]

Unknown

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Velázquez, Nydia M. [D-NY-7]

NY • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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