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Easier Rules for Small Lenders: Less Data, More Time to Comply

This act aims to ease the burden on smaller financial institutions that provide loans to small businesses. It grants them more time to adapt to new data collection rules and offers a grace period from penalties. This could make it easier for small businesses to access funding, as smaller lenders face less bureaucracy.
Key points
Smaller financial institutions lending to small businesses will get at least 3 years to comply with new data collection rules.
After the 3-year period, there will be a 2-year safe harbor, meaning no penalties for non-compliance, even though compliance is still required.
The definition of a "financial institution" covered by these changes includes entities that originated at least 500 small business credit transactions in the two preceding years.
A "small business" is defined as any entity with gross annual revenues of $1,000,000 or less.
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Additional Information
Print number: 117_HR_6732
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2022-02-15
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small LENDER Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6732.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-02-15.

What are the main provisions?

Key points include:

  • Smaller financial institutions lending to small businesses will get at least 3 years to comply with new data collection rules.
  • After the 3-year period, there will be a 2-year safe harbor, meaning no penalties for non-compliance, even though compliance is still required.
  • The definition of a "financial institution" covered by these changes includes entities that originated at least 500 small business credit transactions in the two preceding years.
  • A "small business" is defined as any entity with gross annual revenues of $1,000,000 or less.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hill, J. French [R-AR-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy