Responsible Business Lending Coalition supports the Small Business Lending Fairness Act
Friday, November 8, 2019
The Responsible Business Lending Coalition submitted a letter of support to the U.S. House Committee on Financial Services on H.R.3490, the Small Business Lending Fairness Act, which would address one of the most egregious predatory practices in small business financing. Small business borrowers can fall prey to confessions of judgement with little recourse, forcing some to close their business when they're unable to keep up with their payments. Banning confessions of judgement would remove arcane legal language meant to mislead business owners into signing away rights.