Behind the scenes pressure from developers’ attorneys and a slew of creditor’s rights lawyers has reshaped a bill that would limit how much secondary loan purchasers can collect from failed commercial projects.
An amended version of the Small Business Borrower Protection Act that passed the House Banks and Banking Committee late Thursday now applies only to private entities that purchase debt on the secondary market from a federal bank regulatory agency, said creditor’s rights attorney Harriet C. Isenberg, who opposed an earlier version of the bill.
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