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II
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.
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, Hous-
ing, and Urban Affairs
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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Small Business Fraud
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Protection Act’’.
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•S 2883 IS
SEC. 2. APPLICATION OF THE ELECTRONIC FUND TRANS-
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FER ACT TO SMALL BUSINESS CONCERNS.
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(a) IN GENERAL.—Section 909 of the Electronic
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Fund Transfer Act (15 U.S.C. 1693g) is amended by add-
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ing at the end the following:
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‘‘(f) For purposes of this section, the term ‘consumer’
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shall include a small business concern, as defined in sec-
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tion 3(a) of the Small Business Act (15 U.S.C. 632(a)).’’.
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(b) REGULATIONS.—Not later than 2 years after the
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date of enactment of this Act, the Bureau of Consumer
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Financial Protection shall amend 1005.6 of title 12, Code
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of Federal Regulations, to carry out the amendment made
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by subsection (a).
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