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S. 3717 - Small Business Lending Fairness Act

Introduced: 2018-12-06
Bill Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 
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115th CONGRESS
2d Session
S. 3717


    To amend the Truth in Lending Act to prohibit certain unfair credit practices, and for other purposes.


IN THE SENATE OF THE UNITED STATES

December 6, 2018

    Mr. Brown (for himself and Mr. Rubio) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

    To amend the Truth in Lending Act to prohibit certain unfair credit practices, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Small Business Lending Fairness Act”.

SEC. 2. Credit transactions.

(a) In general.—Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by adding at the end the following:

§ 140B. Unfair credit practices

“(a) In general.—In connection with the extension of credit in or affecting commerce, as defined in section 4 of the Federal Trade Commission Act (15 U.S.C. 44), no creditor may directly or indirectly take or receive from a borrower an obligation that constitutes or contains a cognovit or confession of judgment (for purposes other than executory process in the State of Louisiana), warrant of attorney, or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon.”.

(b) Technical and conforming amendment.—Section 135 of the Truth in Lending Act (15 U.S.C. 1645) is amended by striking “and 134” and inserting “134, and 140B”.


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