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
To require the Small Business Administration to publish loan default rates by franchise brand, and for other purposes.
This Act may be cited as the
SBA Franchise Loan Default Disclosure Act.
Publication of default rates by franchise brand
In this section—
the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; and
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.
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.