; (7) the study described in paragraph (6) was based on 32,323 loans totaling $10,600,000,000, which required $1,500,000,000 in guarantee payments; (8) the report for the study described in paragraph (6) stated, Potential franchisees should include first-year revenue estimates in their SBA loan applications. However, this information is not necessarily available to potential franchisees in the franchise organization’s disclosure document. ; (9) franchise companies most often collect royalties based on gross revenue, therefore revenue data on each franchise outlet are readily available; and (10) while both the franchisor and the lender profit as a result of financing from the Small Business Administration, the total liability for the loan is born by the franchisee. (b) Purpose The purposes of this Act are to— (1) ensure transparency in the loan processes of the Small Business Administration so that the franchisee borrower, the lender, and the Administration all have access to information that is key to the lending process; (2) lower the fees and rates charged to franchisee borrowers; and (3) help ensure lower default rates in order to make more money available for loans to viable franchise brands. 3. Definitions In this Act— (1) the term disclosure document means the disclosure document required to be furnished by a franchisor to a prospective franchisee under section 436.2 of title 16, Code of Federal Regulations, as in effect on July 1, 2007; (2) the term Financial Performance Representation Commentary means the Financial Performance Representation Commentary adopted by the North American Securities Administrators Association on May 8, 2017