H.R. 5660 · 115th Congress
Small Business Credit Card Act of 2018
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LoweySponsorNo cosponsors.
This bill amends the Truth in Lending Act to extend to qualified small businesses credit card protections currently provided to consumers, including limitations and disclosures regarding fees and interest rates.
What it does: CRS summary · Introduced in House · Apr 27, 2018
Small Business Credit Card Act of 2018
This bill amends the Truth in Lending Act to extend to qualified small businesses credit card protections currently provided to consumers, including limitations and disclosures regarding fees and interest rates.
The bill defines "qualified small business" as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity, and (2) any credit transaction involving such account is for business or personal purposes.
A qualified small business may elect to opt out of such coverage.
A creditor is prohibited from: (1) discriminating against a qualified small business in connection with any credit card account; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Credit Card Act of 2018
Latest action (Apr 27, 2018): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 27, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.