SBA Franchise Loan Default Disclosure Act

Bill: 117-s-2162
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2021-06-22
Policy area: Commerce
Subjects: Government information and archives

Government lending and loan guarantees

Retail and wholesale trades

Small business
Latest action: action_date: 2022-03-16
text: Committee on Small Business and Entrepreneurship. Hearings held.

Summaries:
action_date: 2021-06-22
action_desc: Introduced in Senate
text: <p><b>SBA Franchise Loan Default Disclosure Act</b></p> <p>This bill requires the Small Business Administration to publish on its website and to regularly update the loan default rates by franchise brands during the preceding 10-year period. </p>

tv_txt: II 117th CONGRESS 1st Session S. 2162 IN THE SENATE OF THE UNITED STATES June 22, 2021 Ms. Cortez Masto (for herself and Ms. Warren ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To require the Small Business Administration to publish loan default rates by franchise brand, and for other purposes.

1. Short title This Act may be cited as the SBA Franchise Loan Default Disclosure Act . 2. Publication of default rates by franchise brand (a) Definitions In this section— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; and (2) the term franchise has the meaning given the term in section 436.1 of title 16, Code of Federal Regulations, as in effect on July 1, 2007. (b) Publication of default rates The Administrator shall publish and update on a quarterly basis loan default rates by franchise brand during the preceding 10-year period on the website of the Administration in a manner that is publicly accessible and linked to the Franchise Directory of the Administration.