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Senate Bill 1119
117th Congress(2021-2022)
Small Business Lending Fairness Act
Introduced
Introduced
Introduced in Senate on Apr 14, 2021
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Text
Introduced in Senate 
Apr 14, 2021
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Introduced in Senate(Apr 14, 2021)
Apr 14, 2021
About Linkage
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 1119 (Introduced-in-Senate)


117th CONGRESS
1st Session
S. 1119


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

IN THE SENATE OF THE UNITED STATES

April 14, 2021

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. Obligor 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:

“SEC. 140B. Unfair credit practices.

“(a) In general.—In connection with the extension of credit or creation of debt in or affecting commerce, as defined in section 4 of the Federal Trade Commission Act (15 U.S.C. 44), including any advance of funds or sale or assignment of future income or receivables that may or may not be credit, no person may directly or indirectly take or receive from another person 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) Exemption.—The exemption in section 104(1) shall not apply to this section.”.

(b) Technical and conforming amendments.—

(1) Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended by adding at the end the following:

“(ff) The term ‘debt’ means any obligation of a person to pay to another person money—

“(1) regardless of whether the obligation is absolute or contingent if the understanding between the parties is that any part of the money shall be or may be returned;

“(2) that includes the right of the person providing the money to an equitable remedy for breach of performance if the breach gives rise to a right to payment; and

“(3) regardless of whether the obligation or right to an equitable remedy described in paragraph (2) has been reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.”.

(2) Section 130(a) of the Truth in Lending Act (15 U.S.C. 1640) is amended by striking “creditor” each place the term appears and inserting “person”.