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H.R. 1443: LGBTQ Business Equal Credit Enforcement and Investment Act


The text of the bill below is as of Jul 12, 2021 (Referred to Senate Committee).


IIB

117th CONGRESS

1st Session

H. R. 1443

IN THE SENATE OF THE UNITED STATES

July 12, 2021

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

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 , sexual orientation, 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.

.

3.

Determination of budgetary effects

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives June 24, 2021.

Cheryl L. Johnson,

Clerk