summary
Introduced
06/25/2019
06/25/2019
In Committee
06/25/2019
06/25/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Truth in Lending Act to prohibit certain unfair credit practices, and for other purposes. 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.)
AI Summary
This bill, the Small Business Lending Fairness Act, amends the Truth in Lending Act to prohibit the use of certain unfair credit practices, specifically the inclusion of a confession of judgment or similar agreement as a condition for a loan or extension of credit. A confession of judgment is an agreement that allows a lender to obtain a judgment against a borrower without prior notice or opportunity for the borrower to be heard in court in the event of default. The bill aims to protect small businesses from these types of predatory lending practices.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/25/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/1961/all-info | 06/26/2019 |
| BillText | https://www.congress.gov/116/bills/s1961/BILLS-116s1961is.pdf | 07/04/2019 |
| Bill | https://www.congress.gov/116/bills/s1961/BILLS-116s1961is.pdf.pdf | 07/04/2019 |
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