[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2162 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 2162

 To require the Small Business Administration to publish loan default 
           rates by franchise brand, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             June 22, 2021

Ms. Cortez Masto (for herself and Ms. Warren) introduced the following 
   bill; which was read twice and referred to the Committee on Small 
                     Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
 To require the Small Business Administration to publish loan default 
           rates by franchise brand, 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 ``SBA Franchise Loan Default 
Disclosure Act''.

SEC. 2. PUBLICATION OF DEFAULT RATES BY FRANCHISE BRAND.

    (a) Definitions.--In this section--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively; and
            (2) the term ``franchise'' has the meaning given the term 
        in section 436.1 of title 16, Code of Federal Regulations, as 
        in effect on July 1, 2007.
    (b) Publication of Default Rates.--The Administrator shall publish 
and update on a quarterly basis loan default rates by franchise brand 
during the preceding 10-year period on the website of the 
Administration in a manner that is publicly accessible and linked to 
the Franchise Directory of the Administration.
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