HR 1137 112th Congress House Finance and Financial Sector Consumer affairs Consumer credit Credit and credit markets Small business

Small Business Credit Card Act of 2011

Introduced: March 16, 2011 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 4, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Mar 16, 2011

Referred to the House Committee on Financial Services.

Mar 16, 2011

Introduced in House

Plain-English summary Congressional Research Service

Small Business Credit Card Act of 2011 - 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.

What's happening now April 4, 2011

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Committees of jurisdiction 2