,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ida  ,,in ,,the ,,house ,,of   
,,representatives  ,february #d1        
#bjbe,mr4 ,hill of ,arkansas 7for       
himself1 ,mr4 ,meuser1 ,mrs4 ,wagner1   
,mr4 ,huizenga1 ,mr4 ,timmons1 ,mr4     
,moore of ,north ,carolina1 and ,mr4    
,williams of ,texas7 introduced the     
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the ,equal ,credit 
,opportunity ,act to provide for an     
effective date and a temporary safe     
harbor for compliance with certain small
 business lending data collection rules1
 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 with      
covered rule  7,a7 ,in general ,with    
respect to the covered rule1 the ,bureau
 shall provide a financial institution a
 #c-year period beginning on the date   
the covered rule was issued to comply   
with the rule4  7,b7 ,safe harbor ,after
 the end of the #c-year period described
 under subparagraph 7,a71 the ,bureau   
shall provide a #b-year safe harbor to a
 financial institution during which the 
financial institution is required to    
comply with the covered rule but is not 
subject to any penalties for failure to 
comply with the covered rule4  7,c7     
,covered rule defined ,in this          
paragraph1 the term covered rule means  
the final rule of the ,bureau titled    
,small ,business ,lending ,under the    
,equal ,credit ,opportunity ,act        
7,regulation ,b7 7#hh ,fed4 ,reg4       
#ceaej1 published ,may #ca1 #bjbc74  2  
and  7#b7 in subsection 7h7-- 7,a7 by   
striking paragraph 7#a7 and inserting   
the following3  7#a7 ,financial         

institution ,the term financial         
institution means-- 7,a7 any            
partnership1 company1 corporation1      
association 7incorporated or            
unincorporated71 trust1 estate1         
cooperative organization1 or other      
entity that engages in any financial    
activity2 and  7,b7 in each of the      
previous #b calendar years originated   
not less than #ejj credit transactions  
for small businesses4  2 and  7,b7 by   
striking paragraph 7#b7 and inserting   
the following3  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