H.R. 6054 · 117th Congress
Small Business Lending Disclosure Act of 2021
- Stage
- In committee
- Sponsor
- Nydia Velázquez
- Introduced
- 2021-11-18
- Latest action
- 2021-11-18 · Introduced in House
Summary
Small Business Lending Disclosure Act of 2021
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.