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Small Business Credit Protection Act of 2023

12/15/2023, 3:57 PM

Summary of Bill HR 3071

Bill 118 HR 3071, also known as the Small Business Credit Protection Act of 2023, aims to provide additional protections for small businesses in the United States. The bill focuses on improving access to credit for small businesses and ensuring that they are not unfairly penalized for factors beyond their control.

One key provision of the bill is the establishment of a Small Business Credit Protection Bureau, which will be responsible for monitoring and regulating the credit reporting industry as it pertains to small businesses. This bureau will work to ensure that small businesses are treated fairly and have access to accurate credit information.

Additionally, the bill includes measures to increase transparency in credit reporting for small businesses, such as requiring credit reporting agencies to provide more detailed explanations of credit scores and factors that impact them. This will help small business owners better understand their credit standing and take steps to improve it. Furthermore, the Small Business Credit Protection Act of 2023 includes provisions to protect small businesses from predatory lending practices and ensure that they have access to fair and affordable credit options. This will help small businesses grow and thrive, contributing to the overall economic health of the country. Overall, Bill 118 HR 3071 is aimed at leveling the playing field for small businesses when it comes to accessing credit and ensuring that they are not unfairly disadvantaged in the credit reporting process. By providing additional protections and transparency, this bill seeks to support the growth and success of small businesses in the United States.

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Current Status of Bill HR 3071

Bill HR 3071 is currently in the status of Bill Introduced since May 2, 2023. Bill HR 3071 was introduced during Congress 118 and was introduced to the House on May 2, 2023.  Bill HR 3071's most recent activity was Referred to the House Committee on Small Business. as of May 2, 2023

Bipartisan Support of Bill HR 3071

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 3071

Primary Policy Focus

Commerce

Alternate Title(s) of Bill HR 3071

Small Business Credit Protection Act of 2023
Small Business Credit Protection Act of 2023
To amend the Small Business Act to require that credit reporting companies provide certain protections to small businesses, and for other purposes.

Comments

Sponsors and Cosponsors of HR 3071

W. Gregory Steube
W. Gregory Steube
FloridaRepublican

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