Small Business Credit Protection Act

Bill: 115-s-3633
Sponsor: full_name: Sen. Rubio, Marco [R-FL]
Introduced: 2018-11-15
Policy area: Finance and Financial Sector
Subjects: Business records

Computer security and identity theft

Consumer credit

Credit and credit markets

Small business
Latest action: action_date: 2018-11-15
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2018-11-15
action_desc: Introduced in Senate
text: <p><b>Small Business Credit Protection Act </b></p> <p>This bill: (1) requires a consumer reporting agency to provide notice to a small business in the event of a data breach, and (2) prohibits a consumer reporting agency from charging for a credit report following such a breach. </p>

tv_txt: II 115th CONGRESS 2d Session S. 3633 IN THE SENATE OF THE UNITED STATES November 15, 2018 Mr. Rubio (for himself and Mr. Kennedy ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require that consumer reporting agencies provide small business credit protections.

1. Short title This Act may be cited as the Small Business Credit Protection Act . 2. Consumer reporting agencies (a) Definitions In this section: (1) Consumer reporting agency The term consumer reporting agency has the meaning given the term in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a ). (2) Small business concern The term small business concern has the meaning given the term in section 3 of the Small Business Act ( 15 U.S.C. 632 ). (b) Requirements A consumer reporting agency— (1) shall disclose to a small business concern within 30 days if their nonpublic business data has been breached; and (2) may not charge a small business concern for their credit report within 180 days following a breach. (c) No preemption Nothing in this Act shall preempt any State law with respect to consumer reporting agencies.