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S. 2883: Small Business Fraud Protection Act


The text of the bill below is as of Nov 18, 2019 (Introduced).


II

116th CONGRESS

1st Session

S. 2883

IN THE SENATE OF THE UNITED STATES

November 18, 2019

(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.

1.

Short title

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

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).