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Enhanced Transparency for Small Business Loans

This act aims to provide small businesses with the same cost-of-financing information as consumers. This will enable entrepreneurs to more easily compare loan offers and avoid hidden fees, helping them make better financial decisions.
Key points
Mandatory disclosure of Annual Percentage Rate (APR) for various financing types, including loans, leases, and factoring.
Requirement to provide full details on fees, repayment terms, and potential prepayment costs.
Prohibition of additional fees for refinancing unless there is a tangible benefit to the business.
All key information must be presented clearly and conspicuously to facilitate offer comparison.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_3235
Sponsor: Sen. Menendez, Robert [D-NJ]
Process start date: 2021-11-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Lending Disclosure Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3235.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-11-18.

What are the main provisions?

Key points include:

  • Mandatory disclosure of Annual Percentage Rate (APR) for various financing types, including loans, leases, and factoring.
  • Requirement to provide full details on fees, repayment terms, and potential prepayment costs.
  • Prohibition of additional fees for refinancing unless there is a tangible benefit to the business.
  • All key information must be presented clearly and conspicuously to facilitate offer comparison.
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 Sen. Menendez, Robert [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law