summary
Introduced
04/14/2021
04/14/2021
In Committee
04/14/2021
04/14/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Truth in Lending Act to prohibit certain unfair credit practices, and for other purposes.
AI Summary
This bill, the Small Business Lending Fairness Act, amends the Truth in Lending Act to prohibit certain unfair credit practices. Specifically, it bans the use of cognovits (confessions of judgment), warrants of attorney, and other waivers of the right to notice and the opportunity to be heard in the event of a lawsuit related to an extension of credit or creation of debt. The bill also provides a broader definition of "debt" to include obligations where the understanding is that any part of the money may be returned, or where the lender has the right to an equitable remedy for breach of performance. Additionally, the bill expands the definition of "person" in the Truth in Lending Act to apply beyond just creditors.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Referred to the House Committee on Financial Services. (on 04/14/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/2540/all-info |
| BillText | https://www.congress.gov/117/bills/hr2540/BILLS-117hr2540ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr2540/BILLS-117hr2540ih.pdf.pdf |
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