IV 
116TH CONGRESS 
1ST SESSION 
H. RES. 370 
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, inclu-
sive credit access, and fair collection practices. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 9, 2019 
Mr. PHILLIPS (for himself, Mr. TIMMONS, and Ms. VELA´ZQUEZ) submitted 
the following resolution; which was referred to the Committee on Small 
Business 
RESOLUTION 
Expressing the sense of the House of Representatives that 
small business owners seeking financing have funda-
mental rights, including transparent pricing and terms, 
competitive products, responsible underwriting, fair treat-
ment from financing providers, brokers, and lead genera-
tors, inclusive credit access, and fair collection practices. 
Whereas there are more than 30 million small businesses in 
the United States, accounting for 99 percent of all firms; 
Whereas, from 2000 to 2017, small businesses created 8.4 
million net new jobs, accounting for more than two-thirds 
of net new job creation in that period; 
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•HRES 370 IH 
Whereas small businesses are the driving force behind innova-
tion and competitiveness in the United States and are in-
tegral to the Nation’s overall economic growth and pros-
perity; 
Whereas according to the National Small Business Associa-
tion, 73 percent of small firms used financing in the last 
12 months; 
Whereas entrepreneurs throughout the country face chal-
lenges accessing the capital needed to create, sustain, and 
grow small businesses and at the same time, are increas-
ingly targeted with irresponsible lending practices; 
Whereas a small business borrower has the right to have the 
cost and terms of any financing being offered presented 
to them in writing and in a form that is clear, complete, 
and easy to compare with other financing options, so they 
can make the best decision for their business; 
Whereas a small business borrower has the right to expect 
that financing products will not trap his or her business 
in an expensive cycle of reborrowing; 
Whereas a small business borrower has the right to expect 
that financing is offered to them based on underwriting 
practices that assess the ability of the borrower’s busi-
ness to succeed and repay; 
Whereas a small business borrower has the right to honest, 
transparent, and impartial communications with all fi-
nancing providers, brokers, and lead generators regarding 
loan options, conflicts of interest, fees, and the financing 
options available; 
Whereas a small business borrower has the right to fair and 
equal treatment when seeking a loan, including protec-
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tions guaranteed under the Equal Credit Opportunity 
Act; 
Whereas a small business borrower has the right to be treat-
ed fairly and respectfully throughout a collections process 
and the right to protections like those guaranteed under 
the Fair Debt Collection Practices Act; and 
Whereas a small business borrower has the right to expect 
that financing providers do not use confessions of judg-
ment or equivalent legal agreements by which a borrower 
preemptively agrees to lose disputes with the financing 
provider: Now, therefore, be it 
Resolved, That it is the sense of the House of Rep-
resentatives that— 
(1) the above principles promote the sustained 
growth and vitality of America’s main street busi-
nesses; and 
(2) Congress should take all appropriate meas-
ures to use these principles as a framework for po-
tential legislation and regulations to protect small 
business owners seeking financing that would start, 
continue, or expand operations and create jobs. 
Æ 
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