H.R. 3490 · 116th Congress
Small Business Lending Fairness Act
- Stage
- Reported from committee
- Sponsor
- Nydia Velázquez
- Introduced
- 2019-06-25
- Latest action
- 2020-03-19 · Reported (Amended) by the Committee on Financial Services. H. Rept. 116-417.
Summary
Small Business Lending Fairness Act
This bill prohibits as a condition to a loan or extension of credit a confession of judgment or similar agreement. (A confession of judgment is an agreement to a judgment of liability without notice and opportunity to be heard in court in the event of the default of a borrower.)