Small Business Credit Card Act of 2018
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Apr 27, 2018)
Small Business Credit Card Act of 2018
This bill amends the Truth in Lending Act to extend to qualified small businesses credit card protections currently provided to consumers, including limitations and disclosures regarding fees and interest rates.
The bill defines "qualified small business" 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.
A qualified small business may elect to opt out of such coverage.
A creditor is prohibited from: (1) discriminating against a qualified small business in connection with any credit card account; 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.
What just happenedApr 27, 2018
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseApr 27, 2018
- Apr 27, 2018IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Apr 27, 2018IntroReferralIntro-H
Introduced in House
- Apr 27, 2018IntroReferral1000
Introduced in House