Small Business Credit Protection Act

12/31/2022, 5:28 AM

Small Business Credit Protection Act

This bill establishes requirements related to breaches of data belonging to small businesses.

Specifically, a consumer reporting agency must promptly report any breach of nonpublic small business data. In the event of a breach, a consumer reporting agency may not charge a small business for a credit report. Additionally, the Government Accountability Office must report on the economic harm to small businesses resulting from data breaches at consumer reporting agencies.

Congress
117
Number
S - 2034
Introduced on
2021-06-10
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

6/10/2021
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Small Business Credit Protection Act

This bill establishes requirements related to breaches of data belonging to small businesses.

Specifically, a consumer reporting agency must promptly report any breach of nonpublic small business data. In the event of a breach, a consumer reporting agency may not charge a small business for a credit report. Additionally, the Government Accountability Office must report on the economic harm to small businesses resulting from data breaches at consumer reporting agencies.

Alternative Names
Official Title as IntroducedA bill to amend the Small Business Act to require that consumer reporting agencies and other credit reporting companies provide certain protections to small businesses, and for other purposes.
Policy Areas
Commerce
Potential Impact
Business records•
Computer security and identity theft•
Congressional oversight•
Consumer credit•
Credit and credit markets•
Government studies and investigations

Comments

Related

Bill Update Alert:  Small Business Credit Protection Act of 2021

Recent Activity

Latest Summary12/8/2021

Small Business Credit Protection Act

This bill establishes requirements related to breaches of data belonging to small businesses.

Specifically, a consumer reporting agency must promptly report any breach of nonpublic small b...

Latest Action6/10/2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.