Small Business Credit Card Act of 2009
Latest action · Jul 31, 2009 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 31, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small Business Credit Card Act of 2009 - 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.
Cosponsors 14
Members who signed on, in the order they did. Signatures ran from Jul 31, 2009 to Jun 10, 2010, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-ME | Michael H. Michaud | Original | Jul 31, 2009 |
| D-NY | Nita M. Lowey | Original | Jul 31, 2009 |
| D-VA | Thomas S.P. Perriello | Original | Jul 31, 2009 |
| R-AK | Don Young | Oct 7, 2009 | |
| D-CO | Betsy Markey | Oct 20, 2009 | |
| D-IL | Janice D. Schakowsky | Nov 5, 2009 | |
| D-NY | Jerrold Nadler | Nov 5, 2009 | |
| D-CA | Michael M. Honda | Nov 5, 2009 | |
| D-MI | Mark H. Schauer | Nov 18, 2009 | |
| D-WI | Steve Kagen | Nov 18, 2009 | |
| D-IN | Baron P. Hill | Dec 2, 2009 | |
| D-CA | Lynn C. Woolsey | Apr 28, 2010 | |
| D-CA | Jackie Speier | May 25, 2010 | |
| D-TX | Solomon P. Ortiz | Jun 10, 2010 |
Actions 2
Everything that happened, newest first.
- Jul 31, 2009Introduced in House
- Jul 31, 2009Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jul 31, 2009Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.