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The chairwoman frames access to affordable capital as essential to entrepreneurship, then describes cash-advance and other short-term loan practices tied to excessively high annualized interest rates and abusive terms. The session highlights concerns about rubber-stamp judgments, lack of notice, and actions such as seizures of accounts, and discusses proposed policy steps to end these 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issue does the hearing focus on regarding small business lending?","Question",{"text":112,"@type":113},"It focuses on predatory lending practices that use confessions of judgment tied to short-term loans with excessively high interest rates and unfair terms.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How do confessions of judgment affect borrowers in practice?",{"text":117,"@type":113},"By signing, borrowers waive legal rights in potential disputes, allowing lenders to declare default and pursue actions that can include seizure of bank accounts or other assets.",{"name":119,"@type":110,"acceptedAnswer":120},"What legislative approach is discussed to address these abuses?",{"text":121,"@type":113},"The hearing discusses ending confessions of judgment in commercial lending and references proposed action through the Small Business Lending Fairness Act to prevent predatory collection 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\nONE HUNDRED SIXTEENTH CONGRESS  \nFIRST SESSION  \nHEARING HELD  \nJUNE 26,2019  \nA  \nSmall Business Committee Document Number 116-031Available via the GPO Website:www.govinfo.gov  \nU.S.GOVERNMENT PUBLISHING OFFICEWASHINGTON:2019  \n36-816  \nHOUSE COMMITTEE ON SMALL BUSINESS  \nNYDIA VELAZQUEZ,New York,ChairwomanABBY FINKENAUER,IowaJARED GOLDEN,MaineANDY KIM,New JerseyJASON CROW,ColoradoSHARICE DAVIDS,KansasJUDY CHU,CaliforniaMARC VEASEY,TexasDWIGHT EVANS,PennsylvaniaBRAD SCHNEIDER,IllinoisADRIANO ESPAILLAT,New YorkANTONIO DELGADO,New YorkCHRISSY HOULAHAN,PennsylvaniaANGIE CRAIG,MinnesotaSTEVE CHABOT,Ohio,Ranking Member  \nAUMUA AMATA COLEMAN RADEWAGEN,American Samoa,Vice Ranking MemberTRENT KELLY,MississippiTROY BALDERSON,OhioKEVIN HERN,OklahomaJIM HAGEDORN,MinnesotaPETE STAUBER,MinnesotaTIM BURCHETT,TennesseeROSS SPANO,FloridaJOHN JOYCE,Pennsylvania  \nADAM MINEHARDT,Majority Staff DirectorMELISSA JUNG,Majority Deputy Staff Director and Chief CounselKEVIN FITZPATRICK,Staff Director  \nCONTENTS  \nOPENING STATEMENTS  \nHon.Nydia velazquez ………  …              ………                 ………    1Hon.Steve Chabot …………  ……    ……   ……  …    ………………………      2  \nWITNESSES  \nMr.Hosea Harvey,Law Professor and Consumer Finance Law Expert,Phila-delphia,PA………   …  …  ……        …  ………   ………   5Mr.Jerry Bush,Former Owner,JB Plumbing &Heating of Virginia,Inc.,Roanoke,VA  …………    …  …     ………  …      …   …   7Mr.Shane Heskin,Partner,White and Williams,LLP,Philadelphia,PA………   9Mr.Benjamin R.Picker,Shareholder,McCausland Keen +Buckman,Devon,PA…    ……  ………………………     …  ……………  ………  …  ……………   10  \nAPPENDIX  \nPrepared Statements:  \nMr.Hosea Harvey,Law Professor and Consumer Finance Law Expert,Philadelphia,PA……………   ……………    …   ……………  ……………   …  25Mr.Jerry Bush,Former Owner,JB Plumbing &Heating of Virginia,Inc.,Roanoke,VA………    …………   ……………………………………………  33Mr.Shane Heskin,Partner,White and Williams,LLP,Philadelphia,PA……………………    …  ……  …  ………  ……   ……   …  …     …   38Mr.Benjamin R.Picker,Shareholder,McCausland Keen +Buckman,Devon,PA    ……       …  …  …   ………  …  …  ……319Questions for the Record:None.  \nAnswers for the Record:None.  \nAdditional Material for the Record:Anne Fleming,Professor of Law,Georgetown University Law Center……324  \n(III)  \n# CRUSHED BY CONFESSIONS OF JUDGEMENT:THE SMALL BUSINESS STORY\n\nWEDNESDAY,JUNE 26,2019  \nHoUSE OF REPRESENTATIVES,CoMMITTEE ON SMALL BUSINESS,  \nWashington,DC.  \nThe committee met,pursuant to call,at 11:33 a.m.,in Room2360,Rayburn House Office Building.Hon.Nydia Velázquez[chairwoman of the Committee]presiding.  \nPresent:Representatives Velazquez,Finkenauer,Golden,Kim,Davids,Veasey,Delgado,Houlahan,Craig,Chabot,Hagedorn,Stauber,Spano,and Joyce.  \nChairwoman VELÁZQUEZ.Good morning.The committee willcome to order.  \nI thank everyone for joining us this morning,and I want to espe-cially thank the witnesses who have traveled from across the coun-try to be here with us today.  \nWhen I talk to small business owners,one of the first things theymention to me is that access to capital is the lifeblood of their busi-ness.Affordable capital fuels new startups and helps existing busi-nesses expand into new markets and grow their customer bases.And we know that when capital is accessible and on fair terms,small businesses can do what they do best,strengthen our commu-nities and fuel our economy.  \nUnfortunately,affordable capital can be hard to_come by formany owners.Whether it is a taxicab driver in New York City pur-suing the American dream or a small business owner trying tomake payroll,predatory lenders have been targeting individualsand small businesses with loans that have excessively high interestrates,and unfair and abusive terms.This is an ongoing problemin many areas of lending and today's hearing will highlight one as-pect of this larger issue.  \nIn recent years,cash-advance fir","cbCaiqgbjautykeT","https://ap.wps.com/l/cbCaiqgbjautykeT","pdf",14809783,333,"English","# Opening Statements\n## Hon. Nydia Velázquez\n## Hon. Steve Chabot\n# Witnesses\n## Hosea Harvey\n## Jerry Bush\n## Shane Heskin\n## Benjamin R. Picker\n# Appendix\n## Prepared Statements\n## Questions for the Record\n## Answers for the Record\n## Additional Material for the Record","[{\"question\":\"What issue does the hearing focus on regarding small business lending?\",\"answer\":\"It focuses on predatory lending practices that use confessions of judgment tied to short-term loans with excessively high interest rates and unfair terms.\"},{\"question\":\"How do confessions of judgment affect borrowers in practice?\",\"answer\":\"By signing, borrowers waive legal rights in potential disputes, allowing lenders to declare default and pursue actions that can include seizure of bank accounts or other assets.\"},{\"question\":\"What legislative approach is discussed to address these abuses?\",\"answer\":\"The hearing discusses ending confessions of judgment in commercial lending and references proposed action through the Small Business Lending Fairness Act to prevent predatory collection practices.\"}]","CRUSHED BY CONFESSIONS OF JUDGEMENT:THE SMALL BUSINESS STORY - Hearing | PDF",1791328261,839]