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Easier Rules for Small Lenders: Less Red Tape for Small Business Loans

New rules aim to reduce bureaucratic burdens for small financial institutions that provide loans to small businesses. This means smaller banks and credit unions will have more time to adapt to new data collection requirements and will be protected from penalties for a period. This could make it easier for small businesses to access funding, as smaller lenders will operate under simpler rules.
Key points
Smaller financial institutions (originating at least 500 small business credit transactions annually) will get 3 years to comply with new small business loan data collection rules.
After the compliance period, for an additional 2 years, these institutions will not face penalties for non-compliance, even though they must follow the new rules.
A small business is defined as an entity with gross annual revenues of $1,000,000 or less.
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Additional Information
Print number: 118_HR_1806
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2023-03-27
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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 LENDER Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1806.

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 2023-03-27.

What are the main provisions?

Key points include:

  • Smaller financial institutions (originating at least 500 small business credit transactions annually) will get 3 years to comply with new small business loan data collection rules.
  • After the compliance period, for an additional 2 years, these institutions will not face penalties for non-compliance, even though they must follow the new rules.
  • A small business is defined as an 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 2025-12-24.

CATEGORIES

Economy