Small Business Lending Fairness Act

United States116th CongressHR-3490House of Representatives
Updated: Mar 19, 2020

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.)

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Timeline

Latest companion bill action

S-1961: Small Business Lending Fairness Act

Introduced in Senate

  1. Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 23.

    House of Representatives

  2. Committee Consideration and Mark-up Session Held.

    House of Representatives

  3. Reported (Amended) by the Committee on Financial Services. H. Rept. 116-417.

    House of Representatives

  4. Placed on the Union Calendar, Calendar No. 336.

    House of Representatives