[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2883 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2883

To apply the provisions relating to consumer liability for unauthorized 
     transfers to small business concerns, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           November 18, 2019

  Mr. Menendez (for himself and Mr. Kennedy) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

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                                 A BILL


 
To apply the provisions relating to consumer liability for unauthorized 
     transfers to small business concerns, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Fraud Protection 
Act''.

SEC. 2. APPLICATION OF THE ELECTRONIC FUND TRANSFER ACT TO SMALL 
              BUSINESS CONCERNS.

    (a) In General.--Section 909 of the Electronic Fund Transfer Act 
(15 U.S.C. 1693g) is amended by adding at the end the following:
    ``(f) For purposes of this section, the term `consumer' shall 
include a small business concern, as defined in section 3(a) of the 
Small Business Act (15 U.S.C. 632(a)).''.
    (b) Regulations.--Not later than 2 years after the date of 
enactment of this Act, the Bureau of Consumer Financial Protection 
shall amend 1005.6 of title 12, Code of Federal Regulations, to carry 
out the amendment made by subsection (a).
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