; and (2) by inserting after section 1017 the following: 1018. Regulation of brokers (a) Definitions In this section: (1) Broker The term broker means a natural person who— (A) is not a creditor or purchaser; and (B) solicits and presents offers of commercial financing on behalf of a third party. (2) Director The term Director means the Director of the Bureau of Consumer Financial Protection. (3) State The term State means each of the several States, the District of Columbia, and the territories and possessions of the United States. (4) Other terms The terms small business and small business financing have the meaning given those terms under section 193 of the Truth in Lending Act. (b) Regulations (1) In general A broker shall, in facilitating financing offered by a third-party lender for a small business— (A) provide the small business with a disclosure containing the information described under paragraph (2); and (B) educate the small business on each small business financing option and ensure that the small business reasonably understands the cost and terms of the small business financing as well as the pros and cons of the small business financing decision before the small business enters into a contract for such small business financing. (2) Contents of disclosure Each disclosure required under paragraph (1) shall include: (A) A list of all small business financing options for which the small business qualifies through the broker’s services and, with respect to each such small business financing option, the disclosures described under section 193 of the Truth in Lending Act. (B) The lowest annual percentage rate option. (C) All the lenders to which the broker has sent or will send small business financing applications on the small business’s behalf. (D) All compensation that will be paid to the broker, including— (i) all charges that will be paid directly or indirectly by the small business