US Codex
Bill
Notes

H.R. 5013 — what changed

Small Business Fair Debt Collection Protection Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Fair debt collection practices for loans to small businesses

(a)
In general— The Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.) is amended—
(1)
changed in section 803, by amending paragraph (5) to read as follows:803—
(A)
added by amending paragraph (5) to read as follows:

“(5) The term debt means any obligation or alleged obligation to pay money arising out of a transaction, whether or not such obligation has been reduced to judgment.”

(B)
added by adding at the end the following new paragraph:

added “(9) The term commercial credit bureau means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating commercial credit information or other information on businesses for the purpose of furnishing credit reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing credit reports.”

(2)
by redesignating section 819 as section 820; and
(3)
by inserting after section 818 the following:

changed “819. Application to small businessesbusiness debt

changed “(a) In general—This Act shall apply to small businesses business debt to the same extent as this Act applies to debt of consumers.

changed “(b) Small business debt defined—The Director of the Bureau, in consultation with the Administrator of the Small Business Administration, shall issue a rule to define the term “small business” for purposes of this section.”small business debt—

added “(1) means any non-equity obligation or alleged obligation of a partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity that is less than $5,000,000; and

added “(2) does not include any obligation or alleged obligation—

added “(A) of an individual; or

added “(B) that is primarily for personal, family, or household purposes.”

(b)
Clerical amendment— The table of contents for the Fair Debt Collection Practices Act is amended by striking the item relating to section 819 and inserting the following:
(c)
changed Prohibition on harassment or abuse—Conforming amendments— Section 806(3) of the The Fair Debt Collection Practices Act (15 U.S.C. 1692d) 1692 et seq.) is amended—
(1)
added in section 805(b), by inserting “or a commercial credit bureau (as applicable)” after “consumer reporting agency”;
(2)
added in section 806(3)—
(A)
renumbered was (4)(3) by striking “consumers who” and inserting “consumers or small businesses that”; and
(B)
added by inserting “ or to a commercial credit bureau (as applicable),” after “consumer reporting agency”; and
(3)
added in section 807(16), by inserting “or a commercial credit bureau” after “this Act”.
(2)
removed by inserting “, to a commercial credit bureau,” after “consumer reporting agency”.