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Expressing the sense of the House of Representatives that small business owners seeking financing have fundamental rights, including transparent pricing and terms, competitive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices.
Expressing the sense of the House of Representatives that small business owners seeking financing have fundamental rights, including transparent pricing and terms, competitive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices.
Summary
House Resolution 1267 expresses the sense of Congress that small business owners seeking financing have fundamental rights in their interactions with lenders and financing providers. The resolution identifies specific rights including transparent and clear pricing and terms, access to competitive products, responsible underwriting practices, honest and impartial communications, and fair treatment consistent with existing equal credit opportunity and debt collection laws. The resolution also expresses that small business borrowers should not be subject to confessions of judgment or similar agreements that preemptively waive their rights. The resolution directs Congress to use these principles as a framework for developing potential future legislation and regulations to protect small business owners seeking financing.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
Money behind the sponsor
Top reported contributors to Lateefah Simon’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- EXELIXIS $10,350
- UCSF $9,810
- EXELIXIS INC. $8,600
- ALTSHULER BERZON LLP $8,348
- KEKER VAN NEST & PETERS $7,350
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Lateefah Simon → · Outside spending →
Actions (2)
- May 7, 2026 Referred to the House Committee on Small Business. · house
- May 7, 2026 Submitted in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 7, 2026
Ms. Simon (for herself and Ms. Velazquez) submitted the following resolution; which was referred to the Committee on Small Business
RESOLUTION
Expressing the sense of the House of Representatives that small business owners seeking financing have fundamental rights, including transparent pricing and terms, competitive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices.
Whereas there are more than 33.2 million small businesses in the United States, accounting for 99 percent of all firms; Whereas, from 1995 to 2024, small businesses created 20.7 million net new jobs, accounting for 61 percent of net new jobs in that period; Whereas small businesses are the driving force behind innovation and competitiveness in the United States and are integral to the Nation’s overall economic growth and prosperity; Whereas, according to the Federal Reserve’s 2025 Small Business Credit Survey, 86 percent of small firms use financing on a regular basis; Whereas entrepreneurs throughout the country face challenges accessing the capital needed to create, sustain, and grow small businesses and at the same time, are increasingly targeted with irresponsible lending practices; Whereas a small business borrower has the right to have the cost and terms of any financing being offered presented to them in writing and in a form that is clear, complete, and easy to compare with other financing options, so they can make the best decision for their business; Whereas a small business borrower has the right to expect that financing products will not trap his or her business in an expensive cycle of reborrowing; Whereas a small business borrower has the right to expect that financing is offered to them based on underwriting practices that assess the ability of the borrower’s business to succeed and repay; Whereas a small business borrower has the right to honest, transparent, and impartial communications with all financing providers, brokers, and lead generators regarding loan options, conflicts of interest, fees, and the financing options available; Whereas a small business borrower has the right to fair and equal treatment when seeking a loan, including protections guaranteed under the Equal Credit Opportunity Act; Whereas a small business borrower has the right to be treated fairly and respectfully throughout a collections process and the right to protections like those guaranteed under the Fair Debt Collection Practices Act; and Whereas a small business borrower has the right to expect that financing providers do not use confessions of judgment or equivalent legal agreements by which a borrower preemptively agrees to lose disputes with the financing provider: Now, therefore, be it Resolved, That it is the sense of the House of Representatives that—
(1) the above principles promote the sustained growth and vitality of America’s main street businesses; and
(2) Congress should take all appropriate measures to use these principles as a framework for potential legislation and regulations to protect small business owners seeking financing that would start, continue, or expand operations and create jobs. <all>
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