US Congress House Bill 2419 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 9-0)
Status: Introduced on June 18 2013 - 25% progression, died in committee
Action: 2013-06-18 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Small Business Credit Card Act of 2013 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines "qualified small business" under the Act 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. Permits a qualified small business to elect to opt out of coverage by the Act. Requires certain creditor disclosures before opening any account under an open end consumer credit plan for a qualified small business. Prohibits a creditor from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; 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.

Small Business Credit Card Act of 2013

Rep. Nita Lowey [D-NY]	Rep. Tony Cardenas [D-CA]	Rep. Judy Chu [D-CA]	Rep. David Cicilline [D-RI]
Rep. Steve Cohen [D-TN]	Rep. James McGovern [D-MA]	Rep. Eleanor Norton [D-DC]	Rep. Mark Takano [D-CA]
Rep. Niki Tsongas [D-MA]

Date	Chamber	Action
2013-06-18	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/2419/all-info
Text	https://www.congress.gov/113/bills/hr2419/BILLS-113hr2419ih.pdf