Small Business Financing Disclosure Act of 2023

Senate Bill

S. 2021

119th Congress

Small Business Financing Disclosure Act of 2023

In Committee

Introduced:Jun 11, 2025

Primary Sponsor

Robert Menendez

D - NJ

Cosponsors

3

Quick Stats

Policy Area

Finance and Financial Sector

Summary

The Small Business Financing Disclosure Act of 2023 would require lenders to be more transparent when offering financing to small businesses. Lenders would have to disclose the full terms of the financing, and they would be prohibited from charging certain extra fees when a loan is refinanced or modified.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Introduced6/11/2025

StatusRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

ChamberSenate

Data from Congress.gov

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Vote Prediction

Small Business Financing Disclosure Act of 2023

The Small Business Financing Disclosure Act of 2023 would require lenders to be more transparent when offering financing to small businesses. Lenders would have to disclose the full terms of the financing, and they would be prohibited from charging certain ext

Community Breakdown

Pass

0%

Fail

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0 predictions

The Small Business Financing Disclosure Act of 2023 would require lenders to be more transparent when offering financing to small businesses. Lenders would have to disclose the full terms of the financing, and they would be prohibited from charging certain extra fees when a loan is refinanced or modified.

Bill Number: 2021
Introduced: 6/11/2025
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Small Business Financing Disclosure Act of 2023
Bill Number: 2021
Sponsor: No sponsor
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced: 6/11/2025
Summary: The Small Business Financing Disclosure Act of 2023 would require lenders to be more transparent when offering financing to small businesses. Lenders would have to disclose the full terms of the financing, and they would be prohibited from charging certain extra fees when a loan is refinanced or mod

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The Small Business Financing Disclosure Act of 2023 would require lenders to be more transparent when offering financing to small businesses. Lenders would have to disclose the full terms of the financing, and they would be prohibited from charging certain extra fees when a loan is refinanced or modified.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Small Business Lending Disclosure Act of 2023 This bill applies specified consumer lending protections to small business lending and extends the Consumer Financial Protection Bureau's regulatory authority regarding consumer financial products and services to include small business financing. Among other requirements, lenders offering financial products to small businesses must disclose the terms of the financing upon extending an offer and are prohibited from charging certain additional fees on a refinanced or modified loan.

Key Points

Main provisions of the bill

Applies consumer lending protections to small business financing
Extends the Consumer Financial Protection Bureau's regulatory authority to include small business financing
Requires lenders to disclose the full terms of financing when offering it to small businesses
Prohibits lenders from charging certain additional fees when a small business loan is refinanced or modified

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would impact small business owners who rely on financing to operate and grow their companies. They would have more transparent information about the terms of the financing they are offered, which could help them make better-informed decisions. The protections in the bill would also shield small businesses from certain predatory lending practices.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2021, 119th Congress (2025). "Small Business Financing Disclosure Act of 2023". Source: Voter's Right Platform. https://votersright.org/bills/118-s-2021