Text: S.2883 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (11/18/2019)


116th CONGRESS
1st Session
S. 2883


To apply the provisions relating to consumer liability for unauthorized transfers to small business concerns, and for other purposes.


IN THE SENATE OF THE UNITED STATES

November 18, 2019

Mr. Menendez (for himself and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

To apply the provisions relating to consumer liability for unauthorized transfers to small business concerns, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Small Business Fraud Protection Act”.

SEC. 2. Application of the Electronic Fund Transfer Act to small business concerns.

(a) In general.—Section 909 of the Electronic Fund Transfer Act (15 U.S.C. 1693g) is amended by adding at the end the following:

“(f) For purposes of this section, the term ‘consumer’ shall include a small business concern, as defined in section 3(a) of the Small Business Act (15 U.S.C. 632(a)).”.

(b) Regulations.—Not later than 2 years after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall amend 1005.6 of title 12, Code of Federal Regulations, to carry out the amendment made by subsection (a).


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