H.R.1137 - Small Business Credit Card Act of 2011

To amend the Truth in Lending Act to provide coverage under such Act for credit cards issued to small businesses, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Truth in Lending Act to provide coverage under such Act for credit cards issued to small businesses, and for other purposes. as introduced.
  • Short: Small Business Credit Card Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/16/11
 
 
 
 
 
 
 

Sponsor

Representative

Nita Lowey

D-NY

View Co-Sponsors (13)

Official Summary

Small Business Credit Card Act of 2011 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines \"qualifie

Official Summary

Small Business Credit Card Act of 2011 - Amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses). Defines \"qualified small business\" under the Act as any business concern having 50 or fewer employees, whether or not:
(1) the credit card account is in the name of an individual or a business entity, and
(2) any credit transaction involving such account is for business or personal purposes. Permits a qualified small business to elect to opt out of coverage by the Act. Exempts from coverage by the Act any credit transaction in which the total amount financed exceeds $50,000 (currently $25,000). Requires certain creditor disclosures before opening any account under an open end consumer credit plan for a qualified small business. Prohibits a creditor from:
(1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or
(2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

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