Small Business Fraud Protection Act

Bill: 116-s-2883
Sponsor: full_name: Sen. Menendez, Robert [D-NJ]
Introduced: 2019-11-18
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Commerce

Consumer Financial Protection Bureau

Consumer credit

Fraud offenses and financial crimes

Small business
Latest action: action_date: 2019-11-18
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-11-18
action_desc: Introduced in Senate
text: <p><b>Small Business Fraud Protection Act</b></p> <p>This bill extends the time limit for a small business to report an unauthorized electronic fund&nbsp;transaction before it will be responsible for the transaction's total amount from 24 hours to 60 days.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2883 IN THE SENATE OF THE UNITED STATES November 18, 2019 Mr. Menendez (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 apply the provisions relating to consumer liability for unauthorized transfers to small business concerns, and for other purposes.

1. Short title This Act may be cited as the Small Business Fraud Protection Act . 2. Application of the Electronic Fund Transfer Act to small business concerns (a) In general Section 909 of the Electronic Fund Transfer Act ( 15 U.S.C. 1693g ) is amended by adding at the end the following: (f) For purposes of this section, the term consumer shall include a small business concern, as defined in section 3(a) of the Small Business Act ( 15 U.S.C. 632(a) ). . (b) Regulations Not later than 2 years after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall amend 1005.6 of title 12, Code of Federal Regulations, to carry out the amendment made by subsection (a).