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Small Business Financing Disclosure Act of 2023
3/12/2024, 7:01 PM
Summary of Bill S 2021
Bill 118 s 2021, also known as the Small Business Financing Disclosure Act of 2023, aims to increase transparency and accountability in small business financing. The bill requires lenders to provide clear and concise disclosures to small business owners regarding the terms and conditions of any financing they are offered. This includes information on interest rates, fees, repayment terms, and any potential risks associated with the financing.
Additionally, the bill requires lenders to provide small business owners with a standardized disclosure form that clearly outlines the total cost of the financing, including any fees or penalties that may apply. This will help small business owners make informed decisions about their financing options and avoid any hidden costs or surprises.
Furthermore, the bill includes provisions to protect small business owners from predatory lending practices, such as excessive fees or high interest rates. Lenders will be required to adhere to certain guidelines and regulations to ensure that small business owners are not taken advantage of. Overall, the Small Business Financing Disclosure Act of 2023 aims to level the playing field for small business owners and provide them with the information they need to make sound financial decisions for their businesses. By increasing transparency and accountability in small business financing, this bill seeks to support the growth and success of small businesses across the country.
Additionally, the bill requires lenders to provide small business owners with a standardized disclosure form that clearly outlines the total cost of the financing, including any fees or penalties that may apply. This will help small business owners make informed decisions about their financing options and avoid any hidden costs or surprises.
Furthermore, the bill includes provisions to protect small business owners from predatory lending practices, such as excessive fees or high interest rates. Lenders will be required to adhere to certain guidelines and regulations to ensure that small business owners are not taken advantage of. Overall, the Small Business Financing Disclosure Act of 2023 aims to level the playing field for small business owners and provide them with the information they need to make sound financial decisions for their businesses. By increasing transparency and accountability in small business financing, this bill seeks to support the growth and success of small businesses across the country.
Congressional Summary of S 2021
Small Business Lending Disclosure Act of 2023
This bill applies specified consumer 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.
Read the Full Bill
Current Status of Bill S 2021
Bill S 2021 is currently in the status of Bill Introduced since June 15, 2023. Bill S 2021 was introduced during Congress 118 and was introduced to the Senate on June 15, 2023. Bill S 2021's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of June 15, 2023
Bipartisan Support of Bill S 2021
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
6Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 2021
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 2021
Small Business Financing Disclosure Act of 2023
Small Business Financing Disclosure Act of 2023
A bill to amend the Truth in Lending Act to apply that Act to small business financing, and for other purposes.
Comments
Sponsors and Cosponsors of S 2021
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