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H.R. 3374: LGBTQ Business Equal Credit Enforcement and Investment Act

The text of the bill below is as of Jun 20, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 3374

IN THE HOUSE OF REPRESENTATIVES

June 20, 2019

(for himself, Ms. Jackson Lee, Ms. Wilson of Florida, Ms. Haaland, and Mr. Cox of California) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.

1.

Short title

This Act may be cited as the LGBTQ Business Equal Credit Enforcement and Investment Act.

2.

Small business loan data collection

Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is amended—

(1)

by inserting LGBTQ-owned, after minority-owned, each place such term appears;

(2)

in subsection (e)(2)(G), by inserting (including sexual orientation and gender identity), after sex; and

(3)

in subsection (h), by adding at the end the following:

(7)

LGBTQ-owned business

The term LGBTQ-owned business means a business—

(A)

more than 50 percent of the ownership or control of which is held by 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer; and

(B)

more than 50 percent of the net profit or loss of which accrues to 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer.

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