US Congress House Bill 3457 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 14-1)
Status: Introduced on July 31 2009 - 25% progression, died in committee
Action: 2009-07-31 - 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 2009 - 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. Exempts from coverage by the Act any credit transaction in which the total amount financed exceeds $50,000 (currently $25,000). 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 2009

Rep. Neil Abercrombie [D-HI]	Rep. Baron Hill [D-IN]	Rep. Michael Honda [D-CA]	Rep. Steve Kagen [D-WI]
Rep. Nita Lowey [D-NY]	Rep. Betsy Markey [D-CO]	Rep. Michael Michaud [D-ME]	Rep. Jerrold Nadler [D-NY]
Rep. Solomon Ortiz [D-TX]	Rep. Thomas Perriello [D-VA]	Rep. Janice Schakowsky [D-IL]	Rep. Mark Schauer [D-MI]
Rep. Jackie Speier [D-CA]	Rep. Lynn Woolsey [D-CA]	Rep. Don Young [R-AK]

Date	Chamber	Action
2009-07-31		Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/3457/all-info
Text	https://www.congress.gov/111/bills/hr3457/BILLS-111hr3457ih.pdf