United States 116th Congress Status: Died 1 D cosponsors

HR 7889 — Small Business Lending Disclosure and Broker Regulation Act of 2020

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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. Additionally, the bill establishes an Office of Broker Regulation within the bureau to regulate brokers of small business financing.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 7889 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Finance and financial sector Banking and financial institutions regulation Business records Civil actions and liability Consumer Financial Protection Bureau Consumer affairs Contracts and agency Financial services and investments Fraud offenses and financial crimes Interest, dividends, interest rates Licensing and registrations Small business State and local government operations User charges and fees Credit and credit markets Executive agency funding and structure
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Frequently asked questions

What does HR 7889 do?
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. Additionally, the bill establishes an Office of Broker Regulation within the bureau to regulate brokers of small business financing.
Who sponsors HR 7889?
HR 7889 is sponsored by Nydia Velazquez (D).
What is the current status of HR 7889?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7889?
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Last checked for changes about 15 hours ago · updated continuously

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