Senators Call for Ban on Tactics That Devastate Small Businesses
- Brown and Rubio would prohibit confessions of judgment
- Their bill is a response to a Bloomberg News investigation
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Two U.S. senators are seeking to outlaw a legal tactic that predatory lenders have frequently used to seize money from small businesses.
Senators Sherrod Brown, the top Democrat on the Senate Banking Committee, and Marco Rubio, a Florida Republican, said they will submit a bill on Thursday that would ban the use confessions of judgment, a debt-collection practice that has devastated thousands of small businesses across the county.