,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bdai  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ah1 #bjac ,mrs4
 ,l[ey introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,tru? 9 
,l5d+ ,act to provide cov]age "u su*    
,act = cr$it c>ds issu$ to small        
bus9esses1 & = o!r purposes4  #a4 ,%ort 
title2 ,f9d+s  7a7 ,%ort title ,?is ,act
 may be cit$ z ! ,small ,bus9ess ,cr$it 
,c>d ,act ( #bjac4  7b7 ,f9d+s ,!       
,congress f9ds z foll[s3  7#a7 ,economic
 gr[? has frequ5tly be5 l$ by ! creation
 ( millions ( new1 small bus9esses4     
7#b7 ,today1 small bus9ess own]s are    
sev]ely limit$ 9 _! ability to f9ance   
new bus9ess v5tures because access to   
capital ?r\gh traditional res\rces has  
be5 re/rict$4  7#c7 ,small bus9esses are
 be+ pu%$ into us+ cr$it c>ds to meet   
capital ne$s4  7#d7 ,?is use ( cr$it    
c>ds is especially true = innovative &  
rapidly gr[+ bus9esses :i* lack ! assets
 necess>y = a traditional loan4  7#e7 ,9

 #bjab1 #ca p]c5t ( ! small bus9esses   
survey$ us$ cr$it c>ds to meet _!       
capital ne$s4  7#f7 ,9 #aiic1 only #af  
p]c5t ( small bus9esses us$ cr$it c>ds z
 a s\rce ( f9anc+4  7#g7 ,"o-half (     
small bus9esses us+ a cr$it c>d c>ry a  
mon?ly balance1 & "o-qu>t] ( small      
bus9esses c>ry a mon?ly balance 9 excess
 ( #aj1jjj4  7#h7 ,! av]age int]e/ rate 
*>g$ on small bus9ess cr$it c>ds is     
#ae4f p]c5t4  7#i7 ,ne>ly "o-half (     
small bus9esses ) cr$it c>ds h report$ a
 wors5+ ( t]ms1 includ+ increas$ int]e/ 
rates1 fees1 & paym5t proc$ures1 mak+ x 
m difficult to exp& op]ations or gr[    
bus9ess4  7#aj7 ,small bus9ess cr$it    
c>ds contracts d n include consum]      
protections provid$ to individuals "u ! 
,,c>d ,act4  #b4 ,ext5d+ cr$it c>d      
protections "u ! ,tru? 9 ,l5d+ ,act to  
small bus9esses  7a7 ,def9ition (       
consum] ,section #ajc7;i7 ( ! ,tru? 9   
,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7;i77 is 
am5d$--  7#a7 by /rik+ ,! adjective     
consum]1 us$ ) ref]5ce to a cr$it       

transaction1 *>act]izes ! transaction z 
"o 9 :i* ! p>ty to :om cr$it is (f]$ or 
ext5d$ is & ins]t+  ,consum]4-- 7#a7 ,9 
g5]al ,except z provid$ 9 p>agraph 7#b71
 ! t]m consum]1 :5 us$ z an adjective to
 describe or modify a cr$it transaction 
or cr$it plan1 means a transaction or   
cr$it plan "u :i* cr$it is (f]$ or      
ext5d$ to  2 &  7#b7 by add+ at ! end ! 
foll[+ new p>agraph3  7#b7 ,small       
bus9ess includ$ "u c]ta9 circum/ances   
7,a7 ,9 g5]al ,= purposes ( any         
provision ( ?is title relat+ to a cr$it 
c>d acc\nt "u an op5 end cr$it plan1 !  
t]m #8consum]' includes any qualifi$    
small bus9ess4  7,b7 ,qualifi$ small    
bus9ess ,= purposes ( subp>agraph 7,a71 
! t]m qualifi$ small bus9ess means1 )   
respect to any cr$it c>d acc\nt "u an   
op5 end cr$it plan1 any bus9ess conc]n  
hav+ #ej or few] employees1 :e!r or n-- 
7i7 ! cr$it c>d acc\nt is 9 ! "n ( an   
individual or a bus9ess entity2 &  7ii7 
any cr$it transaction involv+ su* acc\nt
 is = bus9ess or p]sonal purposes4  7,c7

 ,exclusion ( small bus9ess aft] opt out
 effective date ,! t]m qualifi$ small   
bus9ess %all n include any bus9ess      
conc]n describ$ 9 subp>agraph 7,a7 aft] 
! effective date ( any election "u      
section #ace7;b7 by ! individual or     
bus9ess = :i* ! cr$it c>d acc\nt ref]r$ 
to 9 su* subp>agraph has be5 e/abli%$1 s
 long z su* election rema9s 9 effect4  4
  7b7 ,am5dm5ts to exemptions ,section  
#ajd7a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae     
,u4,s4,c4 #afjc7a77 is am5d$--  7#a7 by 
ins]t+ o!r ?an a cr$it transaction "u an
 op5 end consum] cr$it plan 9 :i* !     
consum] is a qualifi$ small bus9ess aft]
 agricultural purposes2 &  7#b7 by      
ins]t+ o!r ?an qualifi$ small bus9esses 
aft] organizations4  7c7 ,bus9ess cr$it 
c>d am5dm5ts ,section #ace ( ! ,tru? 9  
,l5d+ ,act 7#ae ,u4,s4,c4 #afde7 is     
am5d$--  7#a7 by /rik+ ,! exemption     
provid$ by & ins]t+ 7a7 ,9 g5]al4--,!   
exemption provid$ by2 &  7#b7 by add+ at
 ! end ! foll[+ new subsection3  7b7    
,qualifi$ small bus9ess opt out f       

cov]age  7#a7 ,notice ( cov]age ,!      
disclosures "u section #abg7;a7 be=e    
op5+ a cr$it c>d acc\nt "u an op5 end   
cr$it plan = a qualifi$ small bus9ess   
%all include a cle> & conspicu\s        
disclosure--  7,a7 t ! qualifi$ small   
bus9ess is treat$ z a consum] "u ?is    
title & is subject to ! requirem5ts (   
?is title z a consum]2  7,b7 t ! bus9ess
 may elect1 9 accordance ) ?is          
subsection1 to be exempt1 "u section    
#ajd7a71 f ?is title to ! same ext5t z  
any bus9ess o!r ?an a qualifi$ small    
bus9ess2 &  7,c7 ( ! proc$ures = mak+ ! 
election & = subsequ5tly revok+ any su* 
election4  7#b7 ,election ,! ,bo>d %all 
prescribe proc$ures = mak+ an effective 
election "u ?is subsection & = revok+   
any su* election4  7#c7 ,prohibition on 
discrim9ation aga9/ qualifi$ small      
bus9ess ,no cr$itor may--  7,a7         
discrim9ate aga9/ any bus9ess conc]n    
hav+ #ej or few] employees 9 connection 
) any cr$it c>d acc\nt (1 or any        
application = a cr$it c>d acc\nt by su* 

bus9ess1 "u an op5 end cr$it plan on any
 basis2 or  7,b7 require any qualifi$   
small bus9ess to make an election "u ?is
 subsection z a condition = op5+ a cr$it
 c>d acc\nt1 or = provid+ m advantage\s 
t]ms = any cr$it c>d acc\nt1 "u an op5  
end cr$it plan4  4