,,ii  #aagth ,,congress  #b;d ,session  
,s4 #djjd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #e1     
#bjbb,mr4 ,boozman 7for himself1 ,mr4   
,cramer1 ,ms4 ,lummis1 and ,mr4 ,tillis7
 introduced the following bill2 which   
was read twice and referred to the      
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to alter   
requirements associated with small      
business loan data collection1 and for  
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,small ,lenders
 ,exempt from ,new ,data and ,excessive 
,reporting ,act or the ,small ,,lender  
,act4  #b4 ,small business loan data    
collection ,section #gjd;,b of the      
,equal ,credit ,opportunity ,act 7#ae   
,u4,s4,c4 #afia;c-#b7 is amended-- 7#a7 
in subsection 7g71 by adding at the end 
the following3  7#d7 ,compliance  7,a7  
,in general ,with respect to any rules  
or guidance issued under this subsection
 on or after the date of enactment of   
this paragraph1 the ,bureau shall       

provide financial institutions not less 
than #c years to comply with the rule or
 guidance4  7,b7 ,safe harbor ,with     
respect to any rules or guidance issued 
under this subsection on or after the   
date of enactment of this paragraph1    
upon expiration of the #c-year period   
described in subparagraph 7,a71 the     
,bureau shall provide a #b-year safe    
harbor to all financial institutions    
during which the financial institutions 
are required to comply with the rule or 
guidance but not subject to any         
penalties4  2 and  7#b7 in subsection   
7h71 by striking paragraphs 7#a7 and    
7#b7 and inserting the following3  7#a7 
,financial institution ,the term        
financial institution means any         
partnership1 company1 corporation1      
association 7incorporated or            
unincorporated71 trust1 estate1         
cooperative organization1 or other      
entity that-- 7,a7 engages in any       
financial activity2 and  7,b7 in each of
 the #b preceding calendar years1       

originated not less than #ejj credit    
transactions for small businesses4  7#b7
 ,small business ,the term small        
business means any entity with gross    
annual revenues of #a1jjj1jjj or less in
 the most recently completed fiscal     
year4  4