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S. 4002: LGBTQ Business Equal Credit Enforcement and Investment Act

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The text of the bill below is as of Apr 5, 2022 (Introduced).

II

117th CONGRESS

2d Session

S. 4002

IN THE SENATE OF THE UNITED STATES

April 5, 2022

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

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 the 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.

.