Expressing the sense of the House of Representatives that small business owners seeking financing have fundamental rights, including transparent pricing and terms, competitive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices.

This resolution states the view of the House of Representatives that small business owners seeking financing have certain rights. These include receiving the cost and terms of financing in writing in a clear and comparable form, underwriting based on the ability to repay, honest communication from lenders, brokers, and lead generators, and fair and equal treatment under laws such as the Equal Credit Opportunity Act. It also lists fair treatment during debt collection and not being asked to sign confessions of judgment. The resolution says Congress should use these principles as a framework for possible future laws and regulations. It does not itself create new legal requirements.

Full text and official record on Congress.gov

Sponsors

• Lateefah Simon Democrat sponsor
• 1 cosponsors