[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3717 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3717

  To amend the Truth in Lending Act to prohibit certain unfair credit 
                   practices, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 6, 2018

 Mr. Brown (for himself and Mr. Rubio) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 A BILL


 
  To amend the Truth in Lending Act to prohibit certain unfair credit 
                   practices, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Lending Fairness 
Act''.

SEC. 2. CREDIT TRANSACTIONS.

    (a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C. 
1631 et seq.) is amended by adding at the end the following:
``Sec. 140B. Unfair credit practices
    ``(a) In General.--In connection with the extension of credit in or 
affecting commerce, as defined in section 4 of the Federal Trade 
Commission Act (15 U.S.C. 44), no creditor may directly or indirectly 
take or receive from a borrower an obligation that constitutes or 
contains a cognovit or confession of judgment (for purposes other than 
executory process in the State of Louisiana), warrant of attorney, or 
other waiver of the right to notice and the opportunity to be heard in 
the event of suit or process thereon.''.
    (b) Technical and Conforming Amendment.--Section 135 of the Truth 
in Lending Act (15 U.S.C. 1645) is amended by striking ``and 134'' and 
inserting ``134, and 140B''.
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