This upcoming Sunday, the people of Venezuela will hold an election that, if legitimate, would put an end to years of the oppressive Maduro narco-regime. U.S. Senator Marco Rubio (R-FL) issued a statement in support of the Venezuelan people: “The...
News
Latest News
Rubio: “La Tenacidad y Valentía del Pueblo venezolano Estarán a la Vista”
Este próximo domingo, el pueblo venezolano tendrá una elección que, de ser legítima, pondría fin a años de opresión por parte del narco-régimen de Maduro. El senador estadounidense Marco Rubio (R-FL) grabó un mensaje de video en español y emitió una declaración en...
Rubio, Scott, Colleagues to Biden Admin: No Privileges Should Be Given to 9/11 Terrorist
Twenty-three years ago, the United States was attacked by Islamic terrorists on September 11, 2001. Now, Zacarias Moussaoui, the only person convicted in a U.S. court for his role in the attack, has requested the U.S. Department of Justice to allow a prisoner transfer...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of Senator Rubio’s...
Rubio, Colleagues Introduce Ensuring Continuity in Veterans’ Health Act
As the U.S. Department of Veterans Affairs (VA) opens up new facilities, many veterans are losing access to the VA’s Community Care Program and, consequently, their long-term healthcare providers. Veterans throughout the country have reported a loss of care, including...
Rubio Introduces Bill to Strengthen U.S.-India Security Partnership
The U.S.-India partnership is vital to countering influences from Communist China. In order to strengthen this partnership, it is essential to enhance our strategic diplomatic, economic, and military relationship with New Delhi. U.S. Senator Marco Rubio (R-FL)...
Rubio, Brown Introduce Bill to Reinstate Small Businesses’ Right to Notice
Washington, D.C. – Today, U.S. Senators Marco Rubio (R-FL) and Sherrod Brown (D-OH) introduced (S.3717) the Small Business Fair Lending Act, legislation that seeks to protect small businesses by closing a loophole used by nefarious lenders, and allowing the ability for them to be heard in a court of law. The bill codifies the Federal Trade Commission’s (FTC) 1985 ban on confessions of judgement, and extends it to include small business borrowers. Confessions of judgment require a borrower to give up his or her rights in court before obtaining a loan, and allows the lender to seize the borrower’s assets, without warning, in order to satisfy the debt. Although many states have banned this practice for small business loans and for individuals, borrowers remain exposed due to the current FTC loophole. The Small Business Lending Fairness Act provides small businesses with the same protections consumers already have. Last month, Bloomberg published an in-depth investigative report on this unscrupulous lending tactic, which has allowed creditors to destroy the lives of tens of thousands of borrowers without notice or opportunity for defense.
“With this new bill, we are taking another step toward protecting America’s small businesses—the foundation of our economy—by preserving the right of a business to be heard in a court of law before a potential credit default,” Rubio said. “I remain committed to protecting our small businesses, and I hope my colleagues will join me in this effort by passing this bill.”
“When we let financial predators harm hardworking Americans through scams like confessions of judgment, we undermine the dignity of work that makes this country great,” said Brown. “This bipartisan bill ensures that consumers and small business owners benefit from protections that prevent predatory lenders from stripping away their hard earned money under cover of night.”
The Small Business Lending Fairness Act:
- Codifies the FTC’s 1985 ban on confessions of judgment in law in consumer loan contracts, and
- Expands the ban to provide these protections to business borrowers as well.
More information on the bill can be found here.