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
To apply the provisions relating to consumer liability for unauthorized transfers to small business concerns, and for other purposes.
This Act may be cited as the
Small Business Fraud Protection Act.
Application of the Electronic Fund Transfer Act to small business concerns
Section 909 of the Electronic Fund Transfer Act (15 U.S.C. 1693g) is amended by adding at the end the following:
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)).
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).